Carbonxt Group (ASX:CG1) has just announced a change to its board.
Carbonxt Group is pleased to announce the appointment of Fadi Diab as a director of the Company.
Fadi is a seasoned corporate executive with over 10 years experience in large financial institutions.
He has worked on a number of large-scale technology transformation programs which have received industry recognition and awards at a national level.
Fadi has also been responsible for managing large operational teams responsible for billions of dollars payments.
Shares of Carbonxt Group have fallen 4.761% 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.