The Appen Ltd (ASX: APX) share price has come under pressure on Monday.
In morning trade, the artificial intelligence data services company's shares are down 10% to $2.33.
This latest decline means the Appen share price is now down 38% in a touch over three weeks.
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Why is the Appen share price sinking today?
There appear to be a couple of catalysts for the decline in the company's share price today.
The first is further weakness in the tech sector following a poor finish to the week on the tech-focused NASDAQ index. This has seen the S&P/ASX All Technology Index (ASX: XTX) fall 0.5% this morning.
CFO exit
Another catalyst could be the release of an announcement today which revealed that the company's chief financial officer (CFO) is stepping down after less than two months in the role.
The release advises that its CFO, Helen Johnson, has decided to resign for personal reasons and will leave the business effective 31 July 2023. She only joined the company on 1 May.
Appen revealed that it has commenced an immediate search for a new CFO. But for now, as part of the transition, it is promoting Justin Miles to Deputy CFO.
The release advises that Miles is a seasoned finance leader who has been with Appen since 2016 and will continue to support the team during the transition. Appen's former CFO, Kevin Levine, will also be available to the business in an advisory capacity until 1 September 2023.
This is not a great look for the embattled tech company. So, it isn't at all surprising to see the Appen share price come under pressure today.
