The Endeavour Group Ltd (ASX: EDV) share price is edging lower on Wednesday. This comes as the company announced the departure of the managing director of its hotels business.
At the time of writing, Endeavour shares are trading 1.83% lower to $6.99.
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Endeavor losses key personnel
Investors are selling off Endeavour shares following the latest announcement by the company, coupled with overall market weakness.
The S&P/ASX 200 Index (ASX: XJO) spent the morning in the green but its gains faded as the day went on. Currently, the benchmark index is down 0.63% to 7,202.9 points. This means that in the past month, the ASX 200 has lost a sizeable 4.25%.
In addition, Endeavour advised that its managing director of hotels, Bruce Mathieson Jr, will step down from his role.
An announcement noted Mr Mathieson will remain with the company until December before pursuing other interests.
Endeavour group managing director and CEO Steve Donohue highlighted Mr Mathieson's contribution. He said:
Bruce has been instrumental in leading the Hotels business through a significant period, which has included the successful completion of the merger of ALH Group with Endeavour Drinks to create Endeavour Group in July 2019, the demerger of Endeavour Group and Woolworths in June of this year, and navigating the impacts of the COVID-19 pandemic.
During his time with ALH, Bruce has significantly grown the business from 200 to 341 hotels, and has spearheaded several large transformation initiatives…
Bruce's expertise and unwavering commitment has been of immense value to Endeavour Group and he leaves the Hotel business in a strong position as it enters the next exciting phase of growth.
Endeavour will undergo a recruitment process to find a suitable replacement for Mr Mathieson.
About the Endeavour share price
Since debuting on the ASX in June 2021, the Endeavour share price has risen 16% over the 4 month period. Its shares reached a record high of $7.50 in mid-August and are 6.8% off that at current levels.
At today's price, Endeavour has a market capitalisation of roughly $12.53 billion with almost 1.8 billion shares on its registry.
