'Better late than never' CEO change fuels Ambu shares
19/05/2022 15:54
(Adds analyst comment, background information)
** Shares in Ambu AMBUb.CO spike 9% after the Danish maker
of single-use endoscopy solutions appointed Britt Meelby Jensen
as its new Chief Executive Officer (CEO) urn:newsml:reuters.com:*:nFWN2XB0T1
** Jensen, current board member at Ambu, replaces Juan Jose
Gonzalez, effective as of May 20, the company said
** "The company has fired the CEO after one outlook
downgrade too many," Nordnet analyst Per Hansen says
** Early in May the company issued another guidance cut for
full-year 2021/2022, citing macroeconomic headwinds, supply
chain volatility, ongoing hospital labour shortages urn:newsml:reuters.com:*:nL5N2WY235
** "Better late than never," Hansen says on the management
change, noting the share reaction tells something about market's
disappointment with the fired director and expectation for the
new one, while the downturn has made Ambu stock a speculation
victim for short sales
** Today's share reaction is opposite to the one from three
years ago, when Gonzalez appointment as CEO sent Ambu shares 14%
lower urn:newsml:newsroom:20190510:nL5N22M1TR:0
** Ambu stock has lost about 40% since May 2019 when
Gonzalez took the helm
** Ambu is among top performers on STOXX 600 .STOXX index
(Reporting by Agnieszka Gosciak)
((agnieszka.gosciak@thomsonreuters.com))