The Downer EDI Ltd (ASX: DOW) share price has been jumping in and out of the green on Friday amid news another of its leaders is stepping down.
The infrastructure and mining services provider revealed the immediate resignation of chair Mark Chellew this morning.
It's just the latest in a string of resignations at the S&P/ASX 200 Index (ASX: XJO) giant and follows the release of notably disappointing half-year earnings.
The Downer share price is currently 0.15% lower, trading at $3.275. It hit a low of $3.23 earlier today – a 1.5% slump – and a high of $3.33 – a 1.5% gain.
For comparison, the ASX 200 has lifted 0.32% right now.
Let's take a closer look at the latest executive exit at Downer.
Image source: Getty Images
Downer share price trades lower on Friday
The Downer share price is on a rollercoaster amid news Chellew will step down immediately after navigating what the company called "a challenging period".
Deputy chair Mark Menhinnitt is stepping up to the role of acting chair on Chellew's exit.
It comes just days after the resignation of chief financial officer Michael Ferguson was announced. Ferguson will stay with the company for another six months as his replacement is appointed and his responsibilities transitioned.
Not to mention, former CEO Grant Fenn stepped away from his role last month. Fenn's retirement was announced in December, with then-chief operating officer Peter Tompkins succeeding him.
Thanking Fenn for his contribution to the company in December, Chellew said:
Grant has been the driving force in reshaping this business. He has provided strong leadership during often difficult times.
Speaking of difficult times, the Downer share price plunged 24% on Monday when the company revealed yet another profit downgrade. It came amid a lost utilities contract and wet weather impacts.
It now forecasts it will post between $170 million and $190 million of underlying profit after tax and before amortisation of acquired intangible assets (NPATA) for the financial year 2023.
The company posted $225.3 million of underlying NPATA last fiscal year.
