Why Chindata Group Holdings Stock Tanked 30% on Friday

Shares of Chindata Group Holdings (NASDAQ: CD) tanked over 30% after the company announced that its CEO Jing Ju would be stepping down, effective immediately. The stock was down as much as 38.8% on Friday, and as of 1 p.m. ET is down 31.9% for the day.

On Dec. 3, Chindata put out a press release stating that Ju would be stepping down from his role leading the company, with current company president Fei Xu taking over the interim CEO role. Chindata is a data center company focused on serving the Chinese, Indian, and other Asian markets with advanced artificial intelligence and cloud computing solutions. An abrupt CEO change is never a good thing, with investors in the company likely spooked by the news. 

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Source Fool.com