What happened Shares of 8x8 (NYSE: EGHT), a cloud communications platform provider, spiked today after the company announced that Dave Sipes would be its new CEO. The tech stock gained as much as 40.6% today and was up 32.6% as of 1:14 p.m. EST. So what Sipes was most recently the chief operating officer at RingCentral, where he helped the company grow from $10 million in annual revenue to $1 billion. Image source: Getty Images. Jaswinder Pal Singh, 8x8's new chairman of the board, said in a statement, "8x8 is participating in one of the biggest SaaS markets today, cloud communications. We believe Dave, with his operational expertise, strong industry background, and world-class go-to-market leadership, is the right leader at the right time to fully realize our potential." In addition to its new CEO, 8x8 reaffirmed its third-quarter and full-year guidance in its press release today. Management said that third-quarter sales will be $132 million at the top end of its guidance, representing a 12% increase from the year-ago quarter. Additionally, the company said that sales for the full year will be $522 million, again at the top of guidance, which would be a 17% year-over-year increase. Now what With today's massive share price jump, 8x8's stock is up 53% year to date. The announcement of a new CEO doesn't normally move a company's share price as drastically as 8x8's did today, but investors are clearly enthusiastic that Sipes is now leading the company. 10 stocks we like better than 8x8When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and 8x8 wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of November 20, 2020 Chris Neiger has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source