The Bapcor Ltd (ASX: BAP) share price in heading south during early afternoon trade on Tuesday. This follows the news that the companies has confirmed an impending reshuffle in the leadership team.
At the time of writing, the auto parts retailer’s shares are exchanging hands for $6.11, down 2.24%.
Bapcor COO hands in notice to take on new position
The Bapcor share price is in negative territory today as investors react to the latest news.
According to an article published by the Australian, Bapcor has confirmed that its chief operating officer, Mr Nicol has resigned.
While the departure date has not been set, Mr Nicol will leave the company within the next few months. This will see him take on a new role as CEO in the flooring industry.
Mr Nicol joined Bapcor in July 2019, overseeing an array of functions that included logistics, IT, group procurement, and branding strategy.
Most notably, Mr Nicol was heavily involved in the company’s new Victorian distribution centre, which opened in 2021.
The 50,000 square metre warehouse services Bapcor’s 32 business units and 1100 locations in Australia and New Zealand.
The company didn’t note a successor to the COO role; however, it’s almost certain that a transition process will occur.
Bapcor share price snapshot
Over the past 12 months, the Bapcor share price has lost about 14%, with most of these losses coming in 2022.
It’s worth noting that the company’s shares reached a 52-week low of $6.03 today following weak investor sentiment.
Based on valuation grounds, Bapcor commands a market capitalisation of roughly $2.07 billion, with 339.41 million shares outstanding.
The post Why is the Bapcor (ASX:BAP) share price underperforming today? appeared first on The Motley Fool Australia.
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Motley Fool contributor Aaron Teboneras 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 recommended Bapcor. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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