The retirement of Marte goes into effect on July 28, 2023. To cover for his departure, current Chief Accounting Officer Stacy Bowman will act as interim CFO while the company searches for a permanent replacement.
Marte’s retirement from Chewy isn’t too surprising for fans of the stock. The company had already announced that it was searching for a new CFO to replace him. However, traders may not have expected his departure to before a successor was found.
Sumit Singh, CEO of Chewy, said the following about CFO Mario Marte’s retirement:
“I want to thank Mario for his many years of service to Chewy and for the role he played in steering Chewy’s growth and margin expansion over the course of his tenure. We wish him well as he takes some much-deserved time with his family.”
CHWY Stock Reactions Today
Despite news of its CFO leaving the company, shares of CHWY stock aren’t seeing much movement on Friday. As of this writing, only about 102,000 shares have changed hands. That’s nowhere close to its daily average trading volume of about 4.1 million shares.
CHWY stock is also up 2.5% on Friday morning, showing that the departure of Marte isn’t a negative for the company’s shares.
Let’s get into even more of the most recent stock market news that traders need to know about on Friday below!
We’ve got all of the hottest stock market coverage to help traders through the day. That includes breakdowns explaining why shares of Xpeng (NYSE:XPEV), Carvana (NYSE:CVNA), and Kiora Pharmaceuticals (NASDAQ:KPRX) stock are moving today. You can catch up on all of this news by checking out the following links!
More Stock Market News For Friday
- XPEV Stock Alert: JPMorgan Just Issued a Warning About Xpeng
- Why Is Carvana (CVNA) Stock Down Today?
- Why Is Kiora Pharmaceuticals (KPRX) Stock Down 7% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.