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Electro Optic Systems shares are having another tough day at the office.
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The Electro Optic Systems Holdings Ltd (ASX: EOS) share price is in the red today while the broader ASX climbs.
During early morning trade, the defence contractor’s shares are down 3.11% to 94 cents apiece.
In contrast, the All Ordinaries Index (ASX: XAO) is 0.23% higher to 6,808.5 points.
Investors are selling off Electro Optic Systems shares amid the company’s leader stepping down.
According to yesterday’s late afternoon release, Electro Optic Systems advised that its CEO, Dr Ben Greene, has tendered his resignation.
However, the board stated that it is well advanced in finding a replacement and Dr Greene’s resignation will take effect upon the new appointment.
Given the wealth of knowledge that Dr Greene possesses within the sector, the board has offered him a different role.
As such, Dr Greene has accepted the position of head of innovation.
Electro Optic Systems chair, Peter Leahy touched on the succession, saying:
Dr Greene’s resignation as CEO comes after several decades of committed service and leadership to EOS as its founder and leader.
Dr Greene’s technological and engineering capabilities can only be described as world leading and visionary, with his initial designs of remote weapons systems and space situational awareness capabilities setting a global standard in the defence and space technology sectors.
Leahy went on to add:
…The Board welcomes Dr Greene’s ongoing commitment to the Company as its Head of Innovation, where his tremendous technological and scientific capabilities will be put to best use.
The board also pointed out that it is considering director suitability as part of a broader strategic review. The team is actively exploring its strategic options across the company to maximise shareholder value.
Electro Optic Systems shareholders may want to keep a close eye on this. The strategic review is expected to be released in the coming weeks.
A difficult 12 months marred by unfavourable trading conditions has led to the Electro Optic Systems share price sinking nearly 80%.
In 2022, the shares are down 60% on the back of continued selling pressure.
Based on today’s share price, Electro Optic Systems has a market capitalisation of roughly $157.7 million.
Motley Fool contributor Aaron Teboneras has positions in Electro Optic Systems Holdings Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Electro Optic Systems Holdings Limited. The Motley Fool Australia has recommended Electro Optic Systems Holdings Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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