Ardiden (ASX:ADV) has just announced a change to its board.
Ardiden advises that Mr Robin Longley has resigned as Managing Director and CEO of the Company, effective 15 September 2022.
The Board is commencing a comprehensive process to recruit a new CEO to the executive team and deliver on the Company's strategy and objectives moving forward.
Shares of Ardiden have risen 14.285% following the announcement.
Any change in the make-up of a company?s board can have an impact on a company?s stock price.
Generally, age-related turnovers and voluntary resignations have a marginal impact on the share price.
However, when either the Chairman or another board member is ousted, this can have a significant impact on the stock price.
As the role of the board is to endorse the strategy of the business, changes to the board can have an impact on the strategic direction of the company and therefore it?s future profitability.