Two ASX All Ords shares announced significant changes among their top brass today.
And investors reacted by hitting the sell button.
While the All Ordinaries Index (ASX: XAO) is up 0.2% at the time of writing, both All Ords shares are in the red.
Here's what's happening.
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ASX All Ords share crashes on CEO exit
Shares in medical device manufacturer Impedimed Ltd (ASX: IPD) are taking a beating today, down 11.1% to 12 cents apiece.
This comes after the medical device manufacturer announced the exit of both its CEO and CFO.
Saying that the changes were "needed to deliver robust execution and control costs", the board of the ASX All Ords share said that Rick Valencia will step down from his role as managing director and CEO, effective immediately.
Parmjot Bains will take up Valencia's leadership position in an interim capacity, likely on 8 January 2024.
In another major shakeup, Tim Cruickshank has stepped down as CFO and is currently discussing transition arrangements. Impedimed chair, McGregor Grant, will take over as CFO in an interim capacity and will be an executive chairman.
Which brings us to the second All Ords share shaking up its top-level management.
Changes afoot at Stockland
This morning, diversified property developer Stockland Corp Ltd (ASX: SGP) also announced changes to its leadership team.
Though investors look to be taking these changes in stride, with the All Ords share down a more modest 0.3% at the time of writing.
Stockland reported that Louise Mason, CEO commercial property, will be stepping down from her role in late December. Mason will stay on for the next month to help facilitate a smooth transition.
Tarun Gupta, Stockland CEO said, "Louise has made a significant contribution to Stockland over the last six years."
He added, "She has led the repositioning of the retail and workplace portfolios and the substantial growth of the logistics portfolio."
Other management changes at the All Ords share will see Andrew Whitson, CEO communities, take on the role of chief executive, development, with end-to-end responsibility for development and delivery across all asset classes.
And Kylie O'Connor will join Stockland on 27 November in the new role of CEO, investment management.
