Leslie's slides after announcing CEO transition
Updates stock activity to market open
** Shares of Leslie's LESL.O reverse small premarket gain and last down 5.7% at $2.90 early Tues after pool and spa supply retailer announced C-suite change
** Co late Mon named Jason McDonell as CEO, effective Sept 9, replacing Michael Egeck
** McDonell was most recently EVP at Advance Auto Parts AAP.N. Prior to his AAP stint, McDonell spent 21 years at PepsiCo, rising to role as Canada president and general manager of PepsiCo Food
** Egeck, appointed CEO in late Jan 2020, just prior to COVID-19 pandemic outbreak, has departed from the co
** LESL chairman John Strain acting as interim CEO until McDonell takes the reins
** CEO change comes a little over a month after co warned of possible FY loss amid challenging industry environment. Its stock on Jul 18 finished down ~31% after hitting record intraday low of $2.42
** Including Tues move, LESL shares down ~58% YTD. Stock well off its all-time high of nearly $33 hit in Jan 2021
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
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