The A2 Milk Company Ltd (ASX: A2M) share price is falling on Tuesday.
In morning trade, the infant formula company's shares are down 1% to $5.37.
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What's going on with the A2 Milk share price today?
The A2 Milk share price is falling today after the company announced the exit of a senior executive.
According to the release, Shareef Khan has resigned from his position of chief operations officer and will be finishing up in his role at the end of December.
The release notes that Khan has been in discussions with the company for some time about his desire to spend more time with his family and explore other pursuits.
A2 Milk's managing director and CEO, David Bortolussi, commented:
Shareef joined the Company in 2012 primarily to develop our supply chain operations with Synlait Milk to support the growth of our infant formula business. Shareef has navigated the Operations function through some extraordinary times and has played an important role in a2MC's growth. I would like to personally thank Shareef for his passion and commitment to a2MC over many years, and we wish him all the best in his future endeavours.
Organisational changes
A2 Milk will now be introducing a new chief supply chain officer role to lead its end-to-end supply chain in all categories and markets.
It notes that the role will bring together its operations and manufacturing teams under a combined leadership role to transform its supply chain as a key aspect of its refreshed growth strategy.
The chief supply chain officer role will be a member of the Executive Leadership Team (ELT) reporting directly to the CEO. In light of this change, Bernard May, who will report to the new chief supply chain officer, will step down from the ELT. However, May will continue as the CEO of the Mataura Valley Milk (MVM) business.
The company has not yet appointed a chief supply chain officer but expects to do so in the coming weeks.
