Fortnox among biggest fallers on STOXX as CEO steps down
13/08/2024 08:44
** Shares in Fortnox FNOX.ST dive 12% after Tommy Eklund
decided to leave his CEO position at the Swedish accounting
solutions firm with immediate effect
** The group said that deputy CEO and CFO Roger Hartelius
will fulfill the role as acting CEO
** Redeye analyst Fredrik Nilsson believes the resignation
is causing the share drop, yet considers it unjustified due to a
"sound transition process"
** Fortnox shares dropped significantly last June after the
Financial Times reported that the company had restated its key
market share numbers presented at the CMD in May
** "Some investors are likely speculating that Eklund is
stepping down because of that. However, we do not believe that
is the case," Nilsson says
** "Also, if there would be any issues with Fortnox's
numbers (accounting/market data), we find it unlikely that the
CFO would step in as acting CEO," he adds
** Fortnox shares are on track for their worst day in five
months and second worst performer of pan-European STOXX 600
index .STOXX
(Reporting by Jesus Calero)
((Jesus.calero@thomsonreuters.com))