Insights

New Hope (ASX:NHC) share price slides following CEO resignation

The company’s shares are set to finish the week on a negative note.
The post New Hope (ASX:NHC) share price slides following CEO resignation appeared first on The Motley Fool Australia. –

Key points

The New Hope share price sinks 3% to $2.28
CEO calls it quits after spending time away from the top job
The company has filled the position but is expected to conduct a search for a permanent replacement

The New Hope Corporation Limited (ASX: NHC) share price has been in the red all day today. This comes after the coal miner revealed the unexpected resignation of its CEO.

At the close of trading, New Hope shares were changing hands at $2.28, down 2.98%.

New Hope CEO departs

In today’s statement to the ASX, New Hope advised that its CEO Reinhold Schmidt has tendered his resignation.

No reason was given as to why Mr Schmidt decided to leave following a short period of personal leave. His resignation is with immediate effect.

The company said chief financial officer Rob Bishop would assume the top job while a search was conducted for a replacement.

New Hope chair Robert Millner commented:

Mr Schmidt led the company during a challenging period for both the business and the industry, and delivered organisational changes that positioned the business to withstand the downturn in commodity prices experienced early FY21 and achieve outstanding returns as markets have improved…

The outlook for the company is positive and the board looks forward to working with Mr Bishop and the leadership team to successfully deliver the company’s purpose and strategy.

About the New Hope share price

The New Hope share price has had its ups and downs over the past 12 months, but has ended up clocking a gain of around 45%.

The company’s shares accelerated from June to mid-October, reaching a 52-week high of $2.70. Although, shortly after, its shares nosedived below the $1.90 mark and have since staged a small recovery.

New Hope has a market capitalisation of roughly $1.87 billion, with approximately 832.36 million shares on its registry.

The post New Hope (ASX:NHC) share price slides following CEO resignation appeared first on The Motley Fool Australia.

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More reading

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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