Why RPC Stock Dived by Nearly 12% Today
The company's top executive is departing.
Overview
There wasn't much energy behind the stock of oilfield services and equipment company RPC (NYSE: RES) on Hump Day. Its equity lost almost 12% of its value, following news that a long-serving executive -- who happens to be its leader -- is departing the company.
Just after market close on Tuesday, RPC announced that CEO Ben Palmer is retiring from the company. In doing this he will relinquish his twin roles as President and CEO, plus his seat on its board of directors. His departure will occur before the end of this year.
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Details
Source
Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.