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Investors react extremely negatively to the unexpected changes at the top of materials group Umicore and the accompanying explanations.

In the news: Umicore shares are down 7 to 10 percent in an initial reaction to the sudden departure of CEO Mathias Miedreich. He will be succeeded as of today by Bart Sap, who was already on the board.

  • The stock market clearly could not appreciate the switch. After about half an hour of trading, the share price was more than 9 percent lower, at 19 euros.
  • According to analysts, the unexpected CEO change leads to uncertainty about Umicore's previously ambitious plans in the field of battery materials for electric cars. The EV market worldwide, as Tesla recently confirmed, is growing slower than previously believed.
  • The unease has to do with this sentence in the official press release: "One of Bart Sap's key priorities is to review the development plans for Umicore's Battery Materials business, including investments, given the slower growth in demand for battery materials for electric vehicles that is affecting the entire industry."
  • But not everyone is as worried. The brokerage house KBC Securities, for example, stands by its "Build Up" recommendation and a 26 euro price target.

Noteworthy: The price drop means that the Belgian state, a major shareholder since this week, must immediately swallow a paper value loss.

Moreswitches: Sap previously headed the division that makes catalysts. He will be succeeded in that position by Jensen Verhelle, the company announced. He, like Sap, already has a long track record in the company. More surprising is the departure of Frank Daufenbach as chief strategy officer. His position is simply being eliminated.

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