The Endeavour Group Ltd (ASX: EDV) share price is edging lower on Tuesday. This comes as the company announced the departure of its managing director from its Dan Murphy's business.
At the time of writing, Endeavour shares are trading 1.30% lower to $7.62.
Endeavour losses key personnel
Investors are selling off Endeavour shares following the latest announcement by the company along with the overall market weakness.
The S&P/ASX 200 Index (ASX: XJO) spent late morning in the green, but its gains faded away as the day went on. Currently, the benchmark index is down 0.12% to 7,338 points. This means that in the past month, the ASX 200 has lost 2.08%.
In addition, Endeavour advised that the managing director of Dan Murphy's, Alex Freudmann has stepped down from his role.
The company noted that Mr Freudmann will remain with the company for the next six months. His decision to leave the business is so he can return home to the United Kingdom.
Endeavour group managing director and CEO, Steve Donohue highlighted Mr Freudmann's contribution. He said:
Since joining Dan Murphy's, Alex has not only helped to successfully navigate the business through an incredibly disruptive two years during the COVID pandemic, he has been instrumental in driving the innovation and modernisation now synonymous with the Dan Murphy's brand.
Under Alex's leadership, the Dan Murphy's team has regained its position as trend leader in the industry. Alex has supported the creation of new store formats, and together with the endeavourX team, he has overseen Dan Murphy's digital platforms become the 'front door' for customers.
I sincerely thank Alex for his tremendous contribution. While we are disappointed at losing someone of his calibre, we understand Alex's desire to return to the United Kingdom to be closer to family, particularly given the significant challenges of working abroad over recent years.
Endeavour is currently undergoing a recruitment process to find a suitable replacement for Mr Freudmann.
About the Endeavour share price
Since debuting on the ASX in June 2021, the Endeavour share price has risen 26% over the 11-month period. Its shares reached a record high of $7.92 earlier this month, and are about 3.8% off from current levels.
At today's price, Endeavour has a market capitalisation of roughly $13.61 billion, with almost 1.8 billion shares on its registry.
