Parkway Corporate (ASX:PWN) has just announced a change to its board.
Parkway Corporate advises the following board changed, with immediate effect.
Mr Adrian Griffin has resigned from his role as Independent Non-Executive Director & Chairman of the Company.
The Director of the Company have appointed Mr Stephen van der Sluys, who was reccently appointed to the Company's Board as an Independent Non-Executive Director on 31 August 2022, as the new Non-Executive Chairman of the Company.
Shares of Parkway Corporate have fallen 5.555% 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.