As soon as the news broke about Adore Beauty's CEO stepping down, the retailer's shares immediately took a hit. This trend is seemingly continuing into the morning. But how are things looking now?
Updated 12 August 2022
The online beauty retailer Adore Beauty announced that its CEO Tennealle O’Shannessy would be departing the role after two years. She will move on as CEO and MD of the ASX-listed IDP Education Limited (ASX:IEL). While the news broke yesterday, she will not enter her new role until February 2023.
“On behalf of the Board and all of the Adore Beauty team, I would like to thank Tennealle for her outstanding leadership and contribution during a particularly challenging couple of years,” read an announcement from Adore Beauty Chair Marina Go. “As CEO, Tennealle has done an excellent job delivering Adore Beauty’s financial and operational successes, including exceeding all Prospectus forecasts, and leaves the business well-positioned for future growth.”
It’s been a rollercoaster day following the announcement, with the retailer first experiencing a sharp lift to $1.48 per share before shedding 1.83 percent by midday to $1.36.
However, after 12 PM, things seemed to turn around. By close, Adore Beauty’s shares were back up, nearly reaching the high it experienced that morning ($1.45).
On a five-day basis, the shares for Adore Beauty remain down 1.36 percent but are up 47.96 percent in the past 30 days.
CEO Tennealle O’Shannessy announced she would depart from Adore Beaty in February 2023.
“It has been a great privilege to work with an exceptionally skilled team whose enthusiasm and hard work have contributed so much growth and success of Adore Beauty,” wrote O’Shannessy regarding her departure. “I wish to thank all of the Adore Beauty team for their passion, customer focus and dedication.”
Adore Beauty is on the search for a replacement, fronted by Board advisor Egon Zehnder.
The online beauty retailer was founded by Kate Morris in 1999. Morris stepped down from the role of CEO in August 2020, with O’Shannessy taking her place. The retailer filed on the ASX in October 2020 with a trading price of $7.40.
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