The Premier Investments Limited (ASX: PMV) share price has slumped 2.7% lower to $23.67 in this morning's trade. That comes after a key management update from the Aussie retailer.
Why is the Premier Investments share price falling?
Shares in the retailer have slumped lower after the company announced a "senior executive change".
Premier Investments Limited executive director and Premier Retail CEO, Mark McInnes, is set to step down.
At the completion of his 12-month notice period, Mr McInnes will have been in his role for more than 10 years.
The Premier Investments share price has fallen lower on the news while the S&P/ASX 200 Index (ASX: XJO) is down 0.4%.
Premier Chairman Solomon Lew said he supported Mr McInnes in his decision to step down to spend more time with family. Mr Lew said Premier had delivered "year on year record operational and financial performance" under Mr McInnes.
According to Mr Lew, it's "business as usual" for Premier with the board starting a new executive search. Mr McInnes is currently on annual leave and will return on 1 February 2021.
What does Premier Investments do?
Premier is one of Australia's largest retailers having listed on the ASX in December 1987. Led by billionaire chairman Solomon Lew, Premier Investments has steadily grown its retail portfolio.
Some of Premier's major investments include The Just Group, Smiggle, Just Jeans, Peter Alexander and dotti.
Like many Aussie retailers, the Premier Investments share price has rebounded strongly in recent months. After slumping as low as $8.13 in the March 2020 bear market, its shares are up 191.0% to $23.66 per share.
Foolish takeaway
The departure of Mr McInnes represents a big change for the retailer after such a long stint at the helm.
The Premier Investments share price is under pressure today as the broad market index has also endured a soft start to the week's trade.
