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Hain Celestial Group stock sinks after announcing executive transition

Hain Celestial Group (NASDAQ:HAIN) shares declined by a double-digit percentage on Monday after announcing the appointment of a new CEO.

The New York-based organic products provider announced that Wendy Davidson will assume the role of CEO effective January 1, 2023. She will replace Mark Schiller in the role as Schiller shifts to a non-executive director role.

“We are excited to welcome Wendy as our new CEO. Her global CPG experience and successful track record in driving growth, reducing complexity, and developing talent are key to accelerating the transformative work that the leadership team has undertaken to launch our Hain 3.0 strategy,” Board Chair Dawn Zier said. “She is the right choice to lead Hain Celestial through its next phase of growth, and under her guidance, we look forward to the Company delivering strong operating results and generating long-term shareholder value.”

Davidson joins the company after serving as President of the Americas for Glanbia Performance Nutrition. She previously held roles at Kellogg Company, McCormick & Co., and Tyson Foods.

Shares slid 12.04% in the first hour of trading on Monday, the deepest one day drop for the stock since May 5. Hain Celestial stock has declined 57.5% since the start of 2022.

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