Why the Mesoblast (ASX:MSB) share price is edging higher on Tuesday

The company is searching for a permeant replacement.
The post Why the Mesoblast (ASX:MSB) share price is edging higher on Tuesday appeared first on The Motley Fool Australia. –

The Mesoblast limited (ASX: MSB) share price is pushing ahead today following a change in the company’s leadership team.

At the time of writing, the allogeneic cellular medicines developer’s shares are up 2.58% to $1.99. In comparison, the All Ordinaires Index (ASX: XAO) is up 0.1% to 7,811 points.

What did Mesoblast announce?

Investors appear to be unfazed by the change in senior management, sending Mesoblast shares higher.

According to its release, Mesoblast advised that its chief financial officer (CFO), Josh Muntner will be leaving the company. This will take effect on 30 August 2021 following Mesoblast’s release of its full-year financial results.

Prior to the departure, Mr Muntner will work closely with the board and management to complete the FY21 financial statements. In addition, Mr Muntner will smooth the transition process in which Andrew Chaponnel will take over as interim CFO.

Management stated that Mr Chaponnel brings strong leadership skills over his past 9 years with Mesoblast. Initially, he served as group financial controller, with the last 3 years taking the helm as head of finance. Most notably, Mr Chaponnel has been involved with various corporate transactions and provided oversight of finance functions.

Mesoblast CEO, Silviu Itescu commented:

Josh has been a valuable member of our leadership team; we thank him for his contribution to Mesoblast and wish him well for the future. We are confident that Andrew’s experience in financial oversight and various corporate transactions will be of great benefit as he transitions to his new role.

About the Mesoblast share price

Over the last 12 months, Mesoblast shares have plummeted in value, sinking almost 60%. Year-to-date has fared better but still in negative territory, down 10%. The company’s share price is near its 52-week low of $1.70 reached in June.

At today’s price, Mesoblast has a market capitalisation of roughly $1.2 billion, with approximately 648 million shares on issue.

The post Why the Mesoblast (ASX:MSB) share price is edging higher on Tuesday appeared first on The Motley Fool Australia.

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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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