Uncover Monetary shares dropped greater than 9% Tuesday after the Riverwoods-Unwell.-based firm stated Roger Hochschild would step down as CEO efficient instantly.
Uncover board member and ex-Areas Monetary govt John Owen will function interim CEO and president, the corporate stated after markets closed Monday. Uncover will work with a worldwide govt search agency to discover a everlasting alternative.
Uncover stated the board and Hochschild “have agreed that now could be the suitable time to transition management” however didn’t embody a motive. Hochschild, a 25-year veteran of the corporate who was named CEO in 2018, will maintain an “advisory position” by means of the tip of the yr.