It hasn't been a great finish to the week for the Fortescue Metals Group Limited (ASX: FMG) share price.
In early afternoon trade the iron ore miner's shares are down 4% to $5.57.
Why have its shares sunk lower?
This morning Andrew Forrest announced to the market that Nev Power will stand down as Chief Executive Officer in February of next year after 7 years in the top job.
According to the release, Mr Power believes that now is the time for the next chapter of Fortescue to begin.
The company remains confident in the quality of internal and external candidates and expects its long-term succession plan will continue Fortescue's legacy.
I agree with Fortescue on this one. I think the iron ore miner is at the top of its game at the moment, thanks to the great work Mr Power has done, and will be able to attract the strongest of candidates.
This should put the miner in a position to continue the great work it has done in the last couple of years.
Should you buy the dip?
Whilst a change of CEO will often cause a few concerns for investors, ultimately I think investors should be more focused on the iron ore price.
As I'm reasonably bearish on iron ore I won't be buying the dip or investing in iron ore rivals Atlas Iron Limited (ASX: AGO) and Rio Tinto Limited (ASX: RIO), but if you are bullish on iron ore then now could be a great time to pick up shares on the cheap.
