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Gentrack share price falls 9% on CEO departure

The share price of Gentrack Group Ltd (ASX: GTK) dropped just over 9% today after the software company announced that its chief executive officer would be leaving. 

The company announced today that Ian Black will be standing down from his position as CEO. John Clifford will assume the role of Executive Chairman until a new chief executive officer can be appointed. Within the market release, Gentrack said that the Board thanks Ian for his contribution to Gentrack and wishes him well for his future endeavours. 

Gentrack’s Board has started to search for the next CEO and has engaged Odgers Berndtson, a global executive search firm, to carry out a comprehensive process and the board will evaluate internal and external candidates. 

Over the past year the company has suffered a series of setbacks, largely due to Brexit, which has sent the share price lower by almost 60%. 

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The Motley Fool Australia has no position in any of the stocks mentioned. 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.