The A2 Milk Company Ltd (ASX: A2M) share price will be on watch this morning following the release of an announcement.
At the time of writing, the fresh milk and infant formula company's New Zealand listed shares are in the red.
Why might the a2 Milk share price tumble lower?
As well as being caught up in a broad market selloff following weakness on Wall Street overnight, the a2 Milk share price could come under pressure after announcing the exit of one of its executives.
According to the release, the company's Chief Growth and Brand Officer, Susan Massasso, has advised of her intention to step down from her role effective 15 April 2021. From that date, Massasso will continue with the company in an advisory capacity.
The release explains that Susan Massasso intends to broaden her career into more advisory work, including non-executive positions in the future.
The Chief Growth and Brand Officer was one of a number of executives that sold shares in August before COVID-19 headwinds hit the company hard and sent its shares crashing lower. Massasso offloaded 541,391 shares through on market trades.
Commenting on her exit, acting CEO Geoff Babidge said: "Susan has been instrumental in building our brand and business since she joined the Company in 2013. With her passion and commercial insight, she has been a key contributor to our success, and we will miss having her in the business. We are pleased that Susan will continue to be involved in the business supporting the Executive Leadership Committee and reporting to the incoming CEO, David Bortolussi."
Susan Massasso added: "My nearly eight years at The a2 Milk Company has been the role of a lifetime. Being part of such a passionate team and assisting in the development of this extraordinary business has been a privilege. Our leadership position as pioneer of the A2 protein proposition, our distinctive brand and unique company culture are core elements which will support our ongoing growth into the future. I am also looking forward to continuing my involvement with the Company in my new capacity in the future."
