Hydromer Inc (OTCMKTS:HYDI) Stock In Focus After Removal of CEO

Last week on April 6 Hydromer Inc (OTCMKTS:HYDI) sent out a press release with a bombshell update. It announced that effective March 24, 2023, its board of directors had voted to remove Peter von Dyck from his position as the Chief Executive Officer of Hydromer.

Trading Data

On Thursday, HYDI stock jumped 1.89% to $0.2700 with more than 1.64K shares, compared to volume of 1.60K shares. The stock moved within a range of $0.2700 – 0.2700 after opening trade at $0.2700.

Hydromer, Inc. Announces Removal of CEO

He had been in his position since September 2018 and had been responsible for navigating the company’s progress through the chaos of the coronavirus pandemic. The company noted that the removal of Von Dyck from his position was part of a bigger restructuring of the leadership that was going to be geared towards improving the financial and economic position of the company as a whole.

That being said, the news about the board voting out the CEO was a massive one and it is going to be interesting to see how the market reacts to the whole thing today. It was also noted at the time by the company that for the time being the members of the board had decided to leave the position of the CEO vacant. At the same time, it had also started the process of appointing a new CEO after identifying suitable replacements.