The well-regarded CEO of (NYSE: OLN) plans to step down early next year, and investors are disappointed to see him go. Shares of the chemicals maker fell by as much as 14% on Friday morning as Wall Street tried to come to terms with the surprise announcement. As of 11:18 a.m. ET, the stock was still down by 13%.
Olin manufactures a range of chemicals including chlorine, vinyl, bleach, and hydrochloric acids, and also makes ammunition. CEO Scott Sutton has led the business since September 2020, a period during which the stock has risen by more than 300% and has beaten the S 500 by more than 250 percentage points.
But Sutton has apparently decided it is time to move on. On Friday, the company announced he will step down in the first half of 2024, though he will remain executive chairman until his departure to help facilitate a smooth transition.
Source Fool.com