The Medibank Private Ltd (ASX: MPL) share price is down in the dumps this morning amid news the health insurance providerâs tech boss has announced his retirement.
Right now, the Medibank share price is down 1.55%, trading at $3.18.
For comparison, the S&P/ASX 200 Index (ASX: XJO) is also in the red, falling 0.44%.
Letâs take a closer look at the latest news from the Aussie health insurance giant.
Medibank tech executive to hang up their hat
The Medibank share price is tumbling on Friday. Its suffering comes amid news the companyâs technology and operations executive John Goodall will retire next month.
Goodall has overseen the company’s technology, property, procurement, and operations since December 2016.
His retirement comes just months after Medibank suffered a major cyber-attack, resulting in a $26.2 million bill.
The company is now on the hunt for a new tech executive, looking both inside the business and externally for the right candidate.
In the interim, current senior executive for core Medibank customer systems, Kylie Williamson will take on the role. She has more than 30 years of tech experience.
Commenting on Goodallâs retirement, CEO David Koczkar said:
I want to take this opportunity to thank John for his significant contribution to our business over the past six years and we all wish him well in his retirement.
The Medibank share price isnât alone in the red today. The companyâs home sector â the S&P/ASX 200 Financials Index (ASX: XFJ) â is down 0.87% at the time of writing.
Medibank share price snapshot
The Medibank share price has outperformed the broader market in recent months despite facing plenty of turbulence.
The stock has gained 9% so far this year. Itâs also trading 4% higher than it was this time last year.
Meanwhile, the ASX 200 is trading flat year to date and has dropped 6% since this time last year.
The post Medibank share price slumps as tech boss announces departure appeared first on The Motley Fool Australia.
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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