The Australian Ethical Investment Limited (ASX: AEF) share price was one of the worst performers on the All Ordinaries on Monday.
The ethical fund manager's shares crashed 13% lower to $4.20.
Its shareholders will be hoping for better on Tuesday following the release of an announcement this morning.
What did Australian Ethical announce?
This morning Australian Ethical announced that its board has appointed John McMurdo as its new chief executive officer and managing director.
Mr McMurdo will commence in the role from February 10. After which, acting chief executive officer Steve Gibbs will resume his position as the chair of the board.
His appointment follows the decision by former chief executive officer Phil Vernon to step down from the ethical fund manager in August 2019.
According to the release, Mr McMurdo is an experienced chief executive officer and director with a proven history of growth and success in the financial services industry.
He was most recently the group managing director of Fitzpatricks Financial Group. It is a national organisation advising on funds of over $7 billion and managing more than $1.6 billion in retail diversified managed funds and managed accounts at the time of his departure.
Prior to joining Fitzpatricks, Mr McMurdo was the chief executive officer of Centric Wealth Management and managing director of Hillross Financial Services.
Previous roles include head of the AMP Limited (ASX: AMP) life insurance business and marketing in New Zealand and senior positions in strategy, marketing and commercial banking with National Australia Bank Ltd (ASX: NAB) and Bank of New Zealand.
The company's acting chair, Michael Monaghan, said: "The Board and I are delighted that John has agreed to join us. With over 30 years' experience in investment management, advice and banking across Australia and New Zealand, we are fortunate to have someone of his calibre step up to lead Australian Ethical as what we do moves from the margins to the mainstream."
"In considering this appointment, the Board was determined to ensure that Australian Ethical's unique culture as a purpose-driven organisation was maintained while also growing the business in response to the boom in ethical investing," he added.
