Q: CEO stepped down and stock drops around 8%
sounds like a problem somewhere
sounds like a problem somewhere
5i Research Answer:
It is very typical for a stock to drop on CEO news. In GSY's case, the transition is over six months and the CEO is staying on board. This does not imply anything worrying. When a CEO leaves 'immediately' that is far more concerning. The CEO is also worth more than $20M in GSY shares alone, and may simply want to do less or take his efforts elsewhere.