Franklin Resources shares are trading lower after the company announced the appointment of Michael Buchanan as its new Chief Investment Officer due to CIO Ken Leech's leave of absence. Ken Leech is on a leave of absence after he recently received a Wells Notice from the SEC.
Portfolio Pulse from Benzinga Newsdesk
Franklin Resources shares declined following the announcement of Michael Buchanan as the new Chief Investment Officer, replacing Ken Leech, who is on leave after receiving a Wells Notice from the SEC.
August 21, 2024 | 3:03 pm
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Franklin Resources shares fell after announcing Michael Buchanan as the new CIO, replacing Ken Leech, who is on leave due to an SEC Wells Notice.
The change in CIO due to Ken Leech's leave of absence, following a Wells Notice from the SEC, likely caused investor concern, leading to a drop in Franklin Resources' stock price. The regulatory issue and leadership change are significant factors affecting investor sentiment.
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