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 Wright Medical Group (Nasdaq: WMGI) fell 11% today after a shakeup in the management team.

So what: Before the company's board meeting, CEO Gary Henley resigned and Chief Technology Officer Frank Bono was terminated. The company cited their "oversight of the ongoing compliance program" as a reason for the termination, and Henley's resignation was related.

Now what: The management unrest has the market spooked today, but in the long run Wright Medical is putting its priority on ethical behavior and compliance. The new management team expects earnings to be in line when results are reported for the first quarter. I would be careful jumping on the drop today, but I don't see this as a reason to panic long term.

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