EBS - Why Emergent BioSolutions Stock Dived by 9% Today
2023-06-27 17:30:25 ET
Contract healthcare manufacturing company Emergent BioSolutions (NYSE: EBS) was looking a bit under the weather as far as its stock was concerned on Tuesday. The company's share price plummeted by nearly 9% on the day following the news of a top-level executive resignation; by comparison, the S&P 500 index rose by nearly 1.2%.
Before market open, Emergent announced that CEO Robert Kramer informed its board of directors that he is stepping down from the role. He will also vacate his position as the company's president. Both moves are effective immediately, although the specialty healthcare services provider added that he will work as an advisor for it until Aug. 1.
Emergent did not provide a reason or reasons for Kramer's departure. It added that its board will conduct a search for a permanent CEO.
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Why Emergent BioSolutions Stock Dived by 9% Today