Seek Ltd (ASX: SEK) and IDP Education Ltd (ASX: IEL) shares are both underperforming on Tuesday.
The ASX 200 shares are currently down 1.75% and 3.5%, respectively, in morning trade after announcing management changes.
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What's going on with these ASX 200 shares?
This morning, Seek announced that its chief financial officer (CFO), Kate Koch, has resigned after a touch under three years in the role.
The announcement reveals that Koch has a desire to further her career in the education industry. She will serve a six-month notice period before leaving the company.
In the meantime, Seek will conduct a process to identify her successor. It expects that process to conclude before Koch finishes her notice period on 26 September.
Commenting on her exit, Seek's CEO, Ian Narev, said:
I have greatly enjoyed working alongside Kate in her first public company CFO role. All of us at SEEK are sad to see her go. But we respect her decision to pursue her passion for the education sector, and know she will thrive in her new role.
As you might have guessed by now, Koch will be joining IDP Education and replacing Murray Walton. He announced in December his intention to step down from the role at the end of March.
The ASX 200 share's CEO, Tennealle O'Shannessy, was pleased with the appointment. She said:
The IDP Board is delighted to have Kate join the team. Her commitment to purpose driven organisations and her passion for developing people align fully with IDP's values. We feel fortunate to have identified someone with Kate's unique experience of our industry, outstanding financial and commercial skills, as well as her exposure to complex international operating environments. Her appetite for creating transformative experiences for customers using technology has shone through.
You may have also noticed that there's going to be a bit of a gap between Walton leaving and Koch joining.
To address this, the CFO responsibilities will be shared by IDP Education's finance leadership team, other members of the global leadership team, and its CEO.
Given the difficult trading conditions the company is facing at the moment, judging by its share price weakness today, it seems that the market has a few concerns over this temporary fix.
IDP Education's shares have been one of the worst performers on the ASX 200 over the last 12 months. Following today's gain, they are down 35% during the period.
