Inghams Group Limited’s [ASX: ING] share price has dropped by nearly 10%, following news that Chief Executive Officer Mick Mahon will be stepping down.
At the time of writing, the poultry producers share price is trading at $3.71, down from yesterday’s closing price of $4.09.
Why has Inghams’ share price dropped?
Mr Mahon will step down after the release of the company’s full year results in August.
An announcement made by the company stated that there is likely to be internal candidates for the role, but that they have commenced a domestic and international executive search.
In the meantime, as of August 2018 and until further notice, Quinton Hildebrand, currently Ingham’s Chief Commercial Officer, will be appointed as acting CEO.
Mahon will stay on until the end of the calendar year in a consultancy position, to assist with leadership transition.
‘As we started work on preparing the next three-to-five-year strategy, it was the moment for me to make a decision about whether I wanted to commit for the years ahead.
‘After four years of intense focus and commitment to the company, its employees and shareholders, it was clear to me that now was the time to begin the search for the new chief executive officer.’
What’s next for Inghams Group?
Despite the fallen share price, the company still trades 17.4% higher than its original listed price in 2016 of $3.15.
The company has expressed that there is an even playing field, so as for who’s in the running to fill Mahon’s role, we will just have to wait and see.
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