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 specialty retailer Charming Shoppes (Nasdaq: CHRS) took a nosedive in intraday trading, plunging more than 20% after the company announced that CEO Jim Fogarty had resigned.

So What: It's a bit worrisome that the company's press release gave no clear reason for Fogarty's abrupt departure. Fogarty was brought in as a financial turnaround specialist and has helped improve the company's ailing balance sheet, so there is reason to believe -- as the press release notes -- that the company may be ready for a CEO with a retail background. However, even if that were the primary driver of the resignation, it's still a bit fishy that the departure came so abruptly and left the company at square one in its search for a replacement.

Now What: Over the past two days, I've been watching Charming Shoppes shares surge and suspecting that investors have been speculating on it being a buyout target. The CEO's departure calls that speculation into question since his potential severance package would give Fogarty little reason to leave if a takeover were imminent. So the departure today may put Charming Shoppes back in the position of being just a retailer in turnaround mode, now looking for a new CEO.

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Fool contributor Matt Koppenheffer does not own shares of any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool's disclosure policy assures you no Wookiees were harmed in the making of this article.