What Is Going on With Qurate Retail (QRTEA) Stock Today?
Qurate Retail (NASDAQ: QRTEA, NASDAQ: QRTEB, NASDAQ: QRTEP) stock is in the news today after the company announced changes to its leadership team. The company is getting a new CFO and creating a new executive role, the Chief Transformation Officer. These changes support its three-year “Project Athens” transformation plan.
Leadership Transition and Executive Changes
The first bit of news is that current CFO Jeffrey Davis is resigning from the company. James Hathaway will replace Davis in the role. That said, Davis will stick around at Qurate Retail during the transition process in order to ensure a smooth change of hands. In addition to that, Qurate Retail also announced the creation of the Chief Transformation Officer position today, which will be filled by William Hunter. The new CTO is being promoted from a prior role as Senior Vice President of Business Transformation & Shared Services.
Focusing on a Transformation Plan
The creation of the CTO position will give Hunter more tools to execute “Project Athens,” a three-year transformation plan to stabilize the company’s revenue, “expand adjusted OIBDA margin and generate incremental free cash flow.” President and CEO David Rawlinson II said the following about the new executives: “Bill and Jim and are both hands-on, high-energy leaders who are committed to driving change, exactly the qualities we need as we look to successfully execute Project Athens. I look forward to working closely with them.”
Market Reaction and Stock Volatility
Investors will also note that QRTEA has been a hot topic among speculators lately. As such, the company’s shares have seen a bit of volatility over the last month. That resulted in a rally, then shares slipping in August. The performance of the company's various shares is as follows:
- QRTEA stock: down 5% as of Wednesday afternoon.
- QRTEB stock: slipping slightly as of Wednesday afternoon.
- QRTEP stock: up 1% as of Wednesday afternoon.
QRTEA stock is in the news today after the company announced changes to its leadership team, which is moving today on leadership changes that support its three-year “Project Athens” transformation plan.
