Shares in Low & Bonar, a supplier of roofing materials to the 2018 Fifa World Cup stadium in Russia, have taken a dive this morning as its chief executive jumped ship.
Low and Bonar's share price tumbled almost 23 per cent on the open, on the news that Brett Simpson – who had been with the company for just over three years – was being netted by conveyer belt component manufacturer Fenner.
Funnily enough, Fenner's share price also took a near five per cent hit on the news that Simpson would replace its temporary chief executive Mark Abrahams.
Abrahams stepped back into the chief executive role in January 2016 which he had vacated in 2011, as his replacement – Nick Hobson – departed due to ill health.
"I would like to thank Mark Abrahams personally for his sterling work in having stepped back into the chief executive officer role and for having stabilised the group and, in conjunction with the senior management team, returned it to growth," said Fenner's chairman Vanda Murray.
Low & Bonar, in the meantime, has appointed non-executive director Trudy Schoolenberg as interim chief executive.
It also doubled the bad news of Simpson's departure with a trading update, in which it revised profit expectations downwards after a "weaker than expected final quarter in the coated technical textile business".