Shares of NeoGenomics, Inc. (NASDAQ:NEO) are trading lower after the company announced that CEO Chris Smith will retire effective April 1 2025.

“Chris has provided exceptional leadership for NeoGenomics, joining the Company at a critical time and exceeding all expectations in transforming NeoGenomics into a growth business,” said Lynn Tetrault, Chair of the Board of Directors.

Despite the company reaffirming its fiscal 2024 financial guidance and highlighting Smith's successful tenure, which included eight consecutive quarters of double-digit revenue growth and a turnaround in adjusted EBITDA the stock is reacting negatively to the news.

NEO Price Action: NeoGenomics shares were down 19.4%, trading at $15.00 at the time of writing, according to Benzinga pro.

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