Dicker Data Ltd (ASX: DDR) shares are starting the week deep in the red.
In morning trade, the ASX 300 stock is down 3.5% to $8.18.
This compares to a 0.45% decline by the ASX 200 index.
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Why is this ASX 300 stock falling?
Investors have been selling the computer hardware and software distributor's shares this morning in response to news of a change of leadership.
According to the release, the ASX 300 stock's founder, David Dicker, is stepping down as CEO and chairman with immediate effect. He is leaving the company he co-founded in 1978 to pursue other interests.
Though, the release notes that while Mr Dicker will no longer be an executive within Dicker Data, he has agreed to enter into a six-month consultancy agreement to provide strategic advice on market terms.
And though his departure marks the end of an era, the company notes that is also signals a confident transition. It believes Dicker Data will be in great hands with an experienced and strategic three-person executive leadership team led by Vladimir Mitnovetski, Mary Stojcevski, and Ian Welch.
It notes that this leadership team brings extensive experience and a shared commitment to advancing the ASX 300 stock's mission while continuing to deliver exceptional value to customers, vendors, and shareholders.
They will report to Dicker Data's other co-founder, Fiona Brown, who is moving into an executive chair role.
'Business as usual'
Commenting on his exit from the ASX 300 stock he co-founded, David Dicker said:
Co-founding and leading Dicker Data has been an extraordinary journey, and I am incredibly proud of what we've built together. As I embark on new ventures, I have full confidence that the leadership team that we put together some years ago will continue to drive the company forward with the same passion and dedication. It is actually business as usual with this leadership team who've been a strong executive unit for many years, continuing to ensure our success.
The company also stated its belief that it is well placed for its next phase of success. It said:
Dicker Data remains committed to innovation, growth, and delivering excellence. The transition marks an exciting new chapter, with the long standing Executive Team poised to continue to lead the Company into its next phase of success.
Following today's decline, the Dicker Data share price is now down 10% over the past 12 months.
