Here’s why the Crowd Media (ASX:CM8) share price is plunging 14% today

Crowd Media Ltd (ASX: CM8) shares are are plunging today following a shock change to the company’s leadership team. At the time of writing, the Crowd Media share price is down a sizeable 13.8% to 5 cents.

While most of the ASX market is trending lower, Crowd Media is one of the many companies leading the downfall.

What’s driving the Crowd Media share price lower?

The Crowd Media share price is falling after the company announced the shock retirement of its CEO, Mr Domenic Carosa.

According to its release, Crowd Media advised that Mr Carosa tendered his resignation to the board in order to spend more time on his recently Canadian-listed company, Banxa Holdings Inc.

Crowd Media revealed that by mutual agreement, Mr Carosa will…