Manchester United (NYSE:MANU) stock is a hot topic among shareholders on Wednesday after the sports team company announced that CEO Richard Arnold is stepping down.
With Arnold leaving the company, General Counsel Patrick Stewart is taking over as interim CEO. Arnold will continue to work with the company through the end of December to ensure a smooth transition. Manchester United will also start searching for a permanent CEO to replace him.
Here’s what Stewart had to say about the future of Manchester United as it searches for its next CEO:
“Together with my leadership team colleagues, my job will be to ensure that the club’s foundations remain stable while we embrace changes that can make us stronger over the long term, both on and off the pitch, and to support the search for a new permanent CEO.”
How This Affects MANU Stock on Wednesday
Shares of MANU stock are dropping 1.3% as of Wednesday morning. That makes sense as the departure of Arnold would be seen as a negative following his 16 years of leading the company.
With this dip in price comes some 500,000 shares of MANU stock changing hands. That’s still a ways off from its daily average trading volume of about 1.1 million shares.
Investors who are looking for even more of the most recent stock market stories are going to want to stick around!
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On the date of publication, William White did not hold (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.
