Rincon Resources (ASX:RCR) has just announced a change to its board.
Rincon Resources advises that Mr David Lenigas has been appointed to the board of directors of the Company as Executive Chairman with immediate effect.
With Mr Lenigas appointment as Executive Chairman, the Company's current Chairman Mr Blair Sergeant will step down as Chairman and will continue to remain with the Company as a Non-Executive Director.
Mr Lenigas is a mining engineer with a Western Australian First Class Mine Managers Certificate.
He has extensive corporate experience at Chairman and Chief Executive Officer level on many of the world's leading stock exchanges overseeing multiple business sectors.
Mr Lenigas has held senior financial and management positions in both publicly listed and private enterprises in Australia, United Kingdom, Canada and Africa.
Shares of Rincon Resources have risen 9.523% 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.