The "Boston" half of the CEO tandem that has run Boston Omaha (NYSE: BOC) for nearly a decade is stepping aside. Investors were taken by surprise, sending shares of Boston Omaha down as much as 9% at the open before recovering to be down 4% as of 11 a.m. ET.

Boston Omaha has always been a bit of an oddity. It is the holding company for four majority-owned businesses in the billboard, broadband, insurance, and asset management industries run by co-CEOs Alex Rozek and Adam Peterson. Rozek lives in Boston and Peterson in Omaha -- the inspiration for the name.

On Friday, Boston Omaha announced Rozek was stepping down to pursue other opportunities, effective immediately, leaving Peterson as sole chairman and CEO.

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Source Fool.com