Assa Abloy: shares stabilise after CEO announcement.
(CercleFinance.com) - Shares in Assa Abloy are stabilising somewhat this morning, after falling by as much as 5.
5% yesterday, after the company said CEO Johan Molin was considering resigning in 2018.
Reacting to "rumors in the market," the Swedish lockmaker said it has begun the work on evaluating potential successors and has also appointed an external recruitment consultant.
For BarCap analysts, this is a "clear setback" for the stock as Johan Molin is considered as "Mr. Assa Abloy" by investors. The shares have increased six-fold since he took over in 2005.
The shares are currently trading 0.3% lower on the Nasdaq Noric market.
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