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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of USANA Health Sciences (NYSE: USNA ) were catching a cold today, falling 8.2%, after its COO resigned, and its CFO moved to a lower position due to family health matters.
So what: The vitamin and health-supplement maker described the moves as a "reorganization of its management team," and said that CFO Doug Hekking had wanted to serve in a more targeted role within the company in addition to the family health issue. COO Roy Truett's resignation was not explained; he will be replaced by Chief Production Officer Jim Brown. Other top-level moves included naming Rick Stambaugh as Chief Information Officer, and promoting Lori Truman to Vice President of U.S. Field Development.
Now what: Shares recovered somewhat over the course of the day, finishing up 4% from their low point, so the market may have overreacted to the news. Truett had served the company since 2003, so perhaps his presence at the company will be missed; but it seems too early to judge today's management overhaul. Wall Street tends not to like surprises, which likely explains most of today's drop.
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