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 hip clothing retailer Urban Outfitters (Nasdaq: URBN) were getting unceremoniously undressed by the market today, losing as much as 20% in intraday trading after the company announced that CEO Glen Senk has resigned.

So what: Senk has been the CEO of Urban Outfitters since 2007, but he's been with the company for 18 years and was instrumental in building the Anthropologie brand. Analysts -- and obviously many investors -- are concerned that Senk's departure will leave Urban Outfitters directionless at a time when the company has already been stumbling a bit. The company's press release said that Senk was leaving "to pursue another opportunity."

Now what: When it comes to company management, I have a definite preference toward a particular type of CEO. Namely, I like a CEO who's been with the company a long time -- perhaps is even a founder -- and owns a substantial stake in the company. So who's taking over at Urban Outfitters? None other than Richard Hayne, the company's co-founder and chairman, and owner of 22% of the company.

To be sure, there's reason to be concerned that Senk is splitting right now. But as a shareholder myself, I'm actually pretty stoked to see Hayne stepping back into the CEO role. In that view, I'm completely on board with my fellow Fool Alyce Lomax -- a longtime owner of Urban Outfitters stock herself.

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