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Altium shares on watch after director resignation

The Altium Limited (ASX: ALU) share price could be on the move on Monday after announcing the resignation of ones of its key directors.

What did Altium announce?

This morning Altium’s chairman, Sam Weiss, advised that there would be an immediate change to the board.

According to the release, Ms. Wendy Stops has resigned as an independent non-executive director and chair of the board human resources committee.

Weiss said: “Wendy has made a substantial contribution to Altium during the two years in which she has been on the Board, both as a Director and thought leader but most importantly in working with the Board and Management to improve and expand the Company’s human resources framework, policies and procedures.”

The release reveals that Ms. Stops is resigning from the printed circuit board design software provider’s board largely due to scheduling conflicts.

“Wendy has advised me that it was “becoming increasingly difficult to commit to the Altium Board schedule and Company events because of clashes with other Board commitments” and that this had been made more difficult because most Altium meetings are in the United States,” the chairman added.

Whilst it is disappointing to see the highly experienced executive leave after less than two years with the company, the outgoing director certainly does have a lot on her plate.

Stops is also on the board of banking giant Commonwealth Bank of Australia (ASX: CBA), supermarket operator Coles Group Ltd (ASX: COL), and Fitted for Work. In addition to this, she is on the Council of The University of Melbourne.

She leaves the company with immediate effect and a total of 45,000 shares under ownership. The San Diego-headquartered multinational software company has not yet named a replacement.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Altium. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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