Heavy Minerals (ASX:HVY) has just announced a change to its board.
Heavy Minerals today announced that Mr. Maurice Matich has resigned from the HVY board to pursue other business opportunities.
Mr. Matich has been with the company prior to the successful listing of HVY in 2021.
Shares of Heavy Minerals have fallen 8.571% 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.