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(Sharecast News) - Shares in French cable and optical fibre company Nexans dropped by nearly a tenth in Paris on Monday after the abrupt replacement of its chief executive.
The company said it is to "part ways" with Christopher Gurin effectively immediately, appointing executive Julien Hueber as his replacement.
The board said that Gurin, who has been with the company since 2005 but became CEO in 2018, is being replaced "to create a new momentum to further optimise performance".
Hueber is another long-standing Nexans employee, having joined in 2002 before moving on the executive committee in 2018. Currently, he is the executive managing director of Nexans business unit PWR Grid & Connect Europe, which works on grid connections and infrastructure across the continent.
"Over the past 23 years, Julien has demonstrated exceptional leadership and a profound understanding of Nexans' business, operating model, and culture," said chair Jean Mouton.
"I have complete confidence in his ability to lead Nexans in this new phase of focused acceleration, in line with the goals announced during the last Capital Markets Day."
Nexans shares were down 8.9% at 115.10 by 1325 CEST.
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