American Pacific (ASX:ABR) share price sinks 5% as CEO exits

The American Pacific Borates Ltd (ASX: ABR) share price is sinking today. The boron and lithium miner’s price drop comes after its CEO and managing director resigns.

At the time of writing, shares in the company are trading for $2.24 – down 5.08%. By comparison, the S&P/ASX 200 Index (ASX: XJO) is 0.04% higher.

Let’s take closer look at today’s news and what it means for the business.

American Pacific CEO resigns

In a statement to the ASX, American Pacific said its CEO and managing director Michael Schlumpberger has resigned. The exact date of Schlumpberger’s exit was not specified, nor was the reason. The company did state, however, he would “continue with the Company for a transitional period working with the US…