Why Qiwi Stock Dropped 12% This Morning

Shares of Cypriot-Russian electronic payments company Qiwi (NASDAQ: QIWI) were down 12.1% as of 10:30 a.m. EST on Wednesday after the company announced changes to its senior management team Tuesday night.

Specifically, Qiwi announced that Sergey Solonin, CEO of the financial services company since 2012, is stepping down to become the executive chairman of the board, effective Jan. 15, 2020.

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Source Fool.com