Why Turning Point Brands Stock Dived by 10% Today
Investors were caught off-guard by the announcement of the CEO's resignation.
Overview
An unexpected change in leadership and a cut in the top end of a guidance item were the two key negative factors driving Turning Point Brands (NYSE: TPB) stock down on Monday. Investors aggressively sold the niche tobacco company's equity, leaving it with a 10% decline at the end of the day.
Turning Point, the company behind the chewing tobacco brand Beech-Nut and Zig-Zag rolling papers, announced that CEO Graham Purdy is vacating his position. He is to be succeeded by David Glazek, the current executive chairman of the company's board of directors.
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Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.