Vulcan Steel (ASX:VSL) has just announced a change to its board.
Vulcan's Board has appointed Adrian Casey, Vulcan's long serving Chief Operating Officer, as a director effective from 13 September 2022.
As permitted by Vulcan's Constitution, Adrian will hold office as a director until Vulcan's annual meeting of shareholders (Annual Meeting) on Thursday, 20 October 2022. Adrian will seek election as a director, by the company's shareholders, at the 2022 Annual Meeting.
Adrian has worked in the steel sector in Australia and New Zealand for more than 40 years.
Shares of Vulcan Steel have fallen 1.811% 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.