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 Arctic Cat (NASDAQ:ACAT) were getting the cold shoulder from investors once again today, falling as much as 14% after its CEO abruptly resigned. 

So what: The maker of snowmobiles and ATVs said Claude Jordan had stepped down as chairman and CEO and will be replaced on an interim basis by Chris Twomey, who served for 24 years as CEO before Jordan assumed the leadership role. Arctic Cat shares are near a 52-week low and the manufacturer has missed earnings estimates three times in a row. The company also lowered its guidance several times during Jordan's tenure. In its most recent report, management provided guidance well below expectations and said fiscal 2015 would be "challenging" due in large part to weakness in the Canadian dollar.

Now what: Shares often rise when a troubled CEO is ushered out the door, but investors seem to believe the move only spells further uncertainty for the company. Research firm Robert W. Baird also lowered its rating on the stock from outperform to neutral. The company has hired an executive search firm to assist in finding a permanent CEO, and also impending departure of its CFO, who announced his retirement but will stay on until a new CEO and CFO are hired. Though the company has disappointed the market several times recently, it still has strong brand and operates within a niche industry, so shares could easily bounce back under the right leadership.

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Jeremy Bowman has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.