What happened
Helen of Troy (HELE 1.64%) was the stock that discouraged a thousand investors -- at least -- on Thursday. The consumer goods company saw its share price sink by 9% on the day following major news from its C-suite.
So what
After market hours on Wednesday, Helen of Troy announced that its CFO Matt Osberg is resigning; the move will be effective on April 27. The company added that Osberg has accepted another position closer to his family, which is located in Minnesota. It provided no further details.
He will be replaced by Brian Grass, the consumer goods specialist's former CFO, who is coming out of retirement to serve on an interim basis. The company said it will immediately launch its search for a more permanent replacement.
Osberg was obviously a sturdy presence at his soon-to-be-former company. Although he had served as CFO only since November 2021, he began his Helen of Troy tenure more than five years earlier. Prior to that, according to his LinkedIn page, he was at electronics retailer Best Buy, where among other positions he served at its Best Buy Mexico subsidiary as CFO.
Now what
It's always discouraging when a company loses a top manager, particularly when the departing person is relatively young and has been something of a mainstay in the organization.
While Helen of Troy has had its struggles, investors shouldn't necessarily take Osberg's departure as a sign of deep problems at the business. They should also take comfort in the fact that the company has already pulled the trigger on a succession plan and will soon be hunting for a non-interim replacement.
