The oOh!media Limited (ASX: OML) share price is backtracking during mid-morning trade following a board resignation.
At the time of writing, the out of home media company's shares are down 6.87% to $1.56.
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Another senior member departs
Investors are reacting to the latest news from the company, sending the oOh!Media share price into negative territory.
In a statement to the ASX, oOh!Media advised that non-executive director, Mick Hellman will resign from the company's board.
This is scheduled to occur before the April board meeting following the sale of HMI Capital's shareholding in the company.
It is worth noting that Mr Hellman is the managing partner of HMI Capital.
The United States-based investment company provided strong support to oOh!Media's capital raising during the early stages of the COVID-19 pandemic.
Mr Hellman tenure will cease after spending around 2 years on the oOh!Media board.
The departure follows yesterday's announcement from the company that chief financial officer (CFO), Sheila Lines will also leave.
After spending 4 years in the role, Ms Lines has decided to pursue other external opportunities.
While no date was given, Ms Lines will temporarily stay on to assist oOh!Media with the transition to finding a new CFO.
About the oOh!media share price
Over the past 12 months, the oOh!media share price has moved in a sideways channel hovering around the $1.60 mark.
The company's shares are down 8% since this time last year, and are some way off the $3 level reached pre-COVID.
Based on valuation grounds, oOh!media commands a market capitalisation of roughly 936.88 million.
