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Uncover Monetary shares dropped about 10% Tuesday after the Riverwoods-Unwell.-based firm mentioned Roger Hochschild would step down as CEO efficient instantly.
Uncover board member and ex-Areas Monetary government John Owen will function interim CEO and president, the corporate mentioned after markets closed Monday. Uncover will work with a worldwide government search agency to discover a everlasting substitute.
Uncover mentioned the board and Hochschild “have agreed that now could be the appropriate time to transition management” however didn’t embrace a motive. Hochschild, a 25-year veteran of the corporate who was named CEO in 2018, will maintain an “advisory function” via the tip of the 12 months.
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