Urban Outfitters Inc. said that Glen T. Senk, its chief executive, has resigned and will be succeeded by co-founder and Chairman Richard Hayne.
Shares of the retail company, which operates the Anthropologie, Free People, BHLDN and Urban Outfitters brands, fell as much as 17% to $24.24 in midday trading Wednesday.
Senk, 55, joined the company nearly 18 years ago as president of Anthropologie. He became a director in 2004 and chief executive in 2007. He will be leaving to "pursue another opportunity," but will remain with the company temporarily to assist in the transition, the company said in a statement.
His replacement as CEO, Hayne, 64, co-founded Urban Outfitters in 1970 and has served as chairman and president since 1976, the statement said.