Wolters Kluwer’s long-time CEO McKinstry to retire, shares tumble

(Reuters) – Shares in Wolters Kluwer fell round 9% on Wednesday after the Dutch info providers agency stated its long-time CEO Nancy McKinstry would retire early subsequent yr.

The longest-serving chief government amongst Dutch blue-chip corporations, McKinstry has been the CEO of Wolters Kluwer since 2003. She is going to retire in February 2026, the corporate stated.

“McKinstry was instrumental within the firm’s transformation,” ING analyst Thymen Rundberg stated.

She can be succeeded by Stacey Caywood, who’s presently the CEO of the corporate’s Well being division.

“Stacey was carefully concerned within the updating of our three-year plan that we have introduced in the present day, and I’ve full confidence that the corporate can be in glorious arms,” McKinstry stated in a convention name.

Rundberg stated Caywood’s appointment, together with her wealth of expertise at Wolters Kluwer, was constructive for the corporate, which additionally reported annual outcomes largely in step with market expectations on Wednesday.

The corporate’s shares are on monitor for his or her worst day since March 2020 if the losses maintain by means of the day.

(Reporting by Bart Meijer and Johan Bodinier; Enhancing by Milla Nissi)