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What: Shares of USANA Health Sciences (NYSE:USNA) were catching a cold today, falling 8.2%, after its COO resigned, and its CFO moved to a lower position due to family health matters.
So what: The vitamin and health-supplement maker described the moves as a "reorganization of its management team," and said that CFO Doug Hekking had wanted to serve in a more targeted role within the company in addition to the family health issue. COO Roy Truett's resignation was not explained; he will be replaced by Chief Production Officer Jim Brown. Other top-level moves included naming Rick Stambaugh as Chief Information Officer, and promoting Lori Truman to Vice President of U.S. Field Development.
Now what: Shares recovered somewhat over the course of the day, finishing up 4% from their low point, so the market may have overreacted to the news. Truett had served the company since 2003, so perhaps his presence at the company will be missed; but it seems too early to judge today's management overhaul. Wall Street tends not to like surprises, which likely explains most of today's drop.
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Jeremy Bowman has no positions in the stocks mentioned above. The Motley Fool has no positions in the stocks mentioned above. 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.