The Bapcor Ltd (ASX: BAP) share price is under pressure on Tuesday morning and trading notably lower.
At the time of writing, the auto parts retailer's shares are down a disappointing 10% to $7.42.
Why is the Bapcor share price tumbling lower?
Investors have been selling down the Bapcor share price on Tuesday following the release of a surprise announcement.
According to the release, Chief Executive Officer and Managing Director, Darryl Abotomey, is stepping down after a decade leading the company. Mr Abotomey intends to retire on 28 February 2022, but will remain available to the company until 30 June 2022 to assist with an orderly transition.
The outgoing CEO commented: "It has been a privilege to lead the Bapcor business over the last decade and see the company's transformation over that time."
"With a strong operating and financial position, it feels like an appropriate time in the company's journey to step back and retire. I have appreciated and thank Bapcor's passionate team members, franchisees, suppliers and shareholders for their support over the past ten years," he added.
What now?
The release advises that an extensive global search process has commenced to appoint a permanent CEO. However, if a permanent CEO has not been appointed by 28 February, Bapcor's Non-Executive Director, Mark Powell, will assume the role of Acting CEO.
Commenting on Mr Abotomey's departure, Bapcor's Chair, Margie Haseltine, said: "On behalf of the Board and the Bapcor team we thank Darryl for his outstanding commitment and wish him well for the future."
The Board also took this opportunity to advise that there is no change to the previously issued financial guidance for FY 2022. This is for a profit result at least in line with FY 2021's record result.
