Urban Outfitters Slips 15% on CEO Resignation

[Stocks-to-Watch]

The CEO of retailer Urban Outfitters abruptly resigned Tuesday, sending the shares tumbling.

Shares of Urban Outfitters (URBN), the Philadelphia-based specialty retailer that sells clothing, accessories and housewares with a hip, youthful bent, fell 15%, or $4.41, to $24.84. Urban Outfitters other brands include Anthropologie, Free People, Terrain and BHLDN.

Glen T. Senk, 55, stepped down to “pursue another opportunity.” He had been chief executive since 2007, says the company’s news release, having joined in 1994 as president of Anthropologie.

Senk is also leaving his spot on the board, but will “remain with the company for a period of time to assist management with the transition.” Co-founder and Chairman Richard A. Hayne, 64, will assume the role of CEO.



Original Article Source by Barrons.com