Shares of water management company Advanced Drainage Systems (NYSE:WMS) fell 10% in the morning session after Darin Harvey, Executive Vice President of Supply Chain, left to join Mueller Water Products.

Harvey was appointed as the new Senior Vice President of Operations and Supply Chain at Mueller Water Products, a leading manufacturer in the water management industry. With over 25 years of experience, Harvey's departure represents a significant leadership change for Advanced Drainage. The loss of a key executive responsible for a critical area like the supply chain can create uncertainty among investors about a company's operational stability and strategic direction, which likely contributed to the negative market reaction.

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Advanced Drainage’s shares are not very volatile and have only had 7 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.

Advanced Drainage is up 16.3% since the beginning of the year, but at $132.97 per share, it is still trading 18.7% below its 52-week high of $163.52 from November 2024. Investors who bought $1,000 worth of Advanced Drainage’s shares 5 years ago would now be looking at an investment worth $2,341.

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