Why the Mesoblast (ASX:MSB) share price is edging higher on Tuesday

The company is searching for a permeant replacement.

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Mesoblast limited (ASX: MSB) share price is pushing ahead today following a change in the company's leadership team.

At the time of writing, the allogeneic cellular medicines developer's shares are up 2.58% to $1.99. In comparison, the All Ordinaires Index (ASX: XAO) is up 0.1% to 7,811 points.

Hands grabbing for high rung on a ladder pointing to the sky

Image source: Getty Images

What did Mesoblast announce?

Investors appear to be unfazed by the change in senior management, sending Mesoblast shares higher.

According to its release, Mesoblast advised that its chief financial officer (CFO), Josh Muntner will be leaving the company. This will take effect on 30 August 2021 following Mesoblast's release of its full-year financial results.

Prior to the departure, Mr Muntner will work closely with the board and management to complete the FY21 financial statements. In addition, Mr Muntner will smooth the transition process in which Andrew Chaponnel will take over as interim CFO.

Management stated that Mr Chaponnel brings strong leadership skills over his past 9 years with Mesoblast. Initially, he served as group financial controller, with the last 3 years taking the helm as head of finance. Most notably, Mr Chaponnel has been involved with various corporate transactions and provided oversight of finance functions.

Mesoblast CEO, Silviu Itescu commented:

Josh has been a valuable member of our leadership team; we thank him for his contribution to Mesoblast and wish him well for the future. We are confident that Andrew's experience in financial oversight and various corporate transactions will be of great benefit as he transitions to his new role.

About the Mesoblast share price

Over the last 12 months, Mesoblast shares have plummeted in value, sinking almost 60%. Year-to-date has fared better but still in negative territory, down 10%. The company's share price is near its 52-week low of $1.70 reached in June.

At today's price, Mesoblast has a market capitalisation of roughly $1.2 billion, with approximately 648 million shares on issue.

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Market News

Five young people sit in a row having fun and interacting with their mobile phones.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a disappointing return to trading for ASX investors today.

Read more »

Boys making faces and flexing.
Small Cap Shares

3 ASX small-cap shares to buy: Morgans

ASX small caps are underperforming in 2026, but Morgans sees opportunity with these 3 companies.

Read more »

A young man wearing a black and white striped t-shirt looks surprised.
Broker Notes

Three ASX shares to buy right now according to Morgans

One of these shares is tipped to more than double.

Read more »

A man in a business suit scratches his head looking at a graph that started high then dips, then starts to go up again like a rollercoaster.
Broker Notes

Down 28% in a year, should I buy the dip on Resmed shares right now?

A leading analyst provides his outlook for the beaten-down ResMed share price.

Read more »

Business man marking buy on board and underlining it.
Broker Notes

Leading brokers name 3 ASX shares to buy today

Brokers believe that now could be the time to buy these shares.

Read more »

A businessman points to an arrow going up on a graph, indicating a share price rise for an ASX company.
Broker Notes

Up 1,277% in a year, why 4DMedical shares are tipped for more outsized gains

A leading analyst forecasts more outperformance from 4DMedical’s rocketing shares. But why?

Read more »

Frustrated stock trader screaming while looking at mobile phone, symbolising a falling share price.
Share Fallers

Why Aeris Resources, Northern Star, REA Group, and Weebit Nano shares are falling today

These shares are starting the week in the red. What's happening?

Read more »

An oil worker in front of a pumpjack using a tablet.
Broker Notes

Why Woodside shares just got a big buy call

A leading analyst forecasts more outperformance from Woodside’s surging shares.

Read more »