Sally Beauty Holdings Inc’s chief financial officer and senior vice president Mark Flaherty has resigned unexpectedly. This has caused their stock to fall by more than six percent to $26.07. The company said his departure wasn’t the result of any disagreement, but has surprised their customers and the general market. Last year Flaherty earned $1,695,575, including a base salary of $496,923. In the interim Sally’s chief account officer, Janna Minton, will take the position of CFO until the company appoints a successor. “We expect SBH to continue the same transformation strategy, the finance teams have segment leadership which should enable a solid transition, and new CFO search is likely focused on someone with retail/consumer products skills who is consistent with SBH’s disciplined culture,” Cowen & Co. analyst, Oliver Chen said. He believes the stock could continue to trade sideways and the company has made the right moves redesigning their packaging and refreshing their stores.
CFO RESIGNS UNEXPECTEDLY
