The Adore Beauty Group Ltd (ASX: ABY) share price is having a rollercoaster Wednesday morning.
This follows the company's late afternoon release yesterday that its CEO Tennealle O'Shannessy has resigned.
At the time of writing, shares in the online beauty retailer are down 1.47% at $1.345. Earlier, the share price rose as much as 8.43% to an intraday high of $1.48.
For context, the All Ordinaries (ASX: XAO) is 0.96% higher to 7,308.5 points on the back of Wall Street's overnight gains.
Adore Beauty commences search to replace CEO
Despite the shock update, Adore Beauty advised it has time to conduct a global search for the replacement of its CEO.
O'Shannessy is slated to depart the company in February 2023 and head over to ASX-listed IDP Education Ltd (ASX: IEL).
Over there, she'll take on the reins as CEO and managing director of the language testing and student placement company.
In the interim, O'Shannessy will offer her support to ensure a smooth transition when the new Adore Beauty CEO commences.
Chair of the Adore Beauty Board Marina Go said:
…I would like to thank Tennealle for her outstanding leadership and contribution during a particularly challenging couple of years. As CEO, Tennealle has done an excellent job delivering Adore Beauty's financial and operational successes, including exceeding all prospectus forecasts, and leaves the business well-positioned for future growth.
Looking towards the future, Go added:
The foundations of our long-term growth strategy are now in place with our mobile app, loyalty program, and first 'owned brand' all launched and scaling strongly in a market benefitting from the structural shift to e-commerce, which has seen us increase our active customer base by 90% in two years.
About the Adore Beauty share price
After hitting an all-time low of 97.5 cents on 12 July, the Adore Beauty share price has accelerated by 50%.
It appears bargain hunters swooped in as inflation begins to cool down and confidence is being regained across the ASX.
At today's price, Adore Beauty has a market capitalisation of approximately $126.60 million.
