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Article 1: A2 Milk boss Jayne Hrdlicka exits job suddenly - Agency theory

Shares in alternative milk company a2 Milk had recovered some ground but were still weak after the surprise announcement that managing director and chief executive Jayne Hrdlicka would step down, having spent less than 18 months in the job. Mark Lister, head of private wealth research at Craigs Investment Partners, said the price fall was an understandable knee-jerk market reaction to the news."I guess the negative reaction is the shock factor," he said."You have got a stable management team but obviously something behind the scenes is not working as it should," he said."I think that it's natural that the market shoots first and asks questions later," Lister said. The only other woman included in that list is Kate McKenzie, who has already resigned and is set to leave Chorus at the end of the year. That said, before today's news, A2's share price had risen 37 per cent in the past 12 months. Chairman David Hearn thanked Hrdlicka for the "important contribution" she had made to the company and that it remained confident that the strategic course outlined at the annual meeting would "continue to deliver strong rewards to all shareholders in the future"."The board recruited Jayne primarily for her ability and experience in developing and implementing strategy, recognising that the company needed to develop a refined strategy for the business to meet the new challenges in the next phase of our development. The board fully endorses the strategy which Jayne and the senior leadership team had developed," Hearn said in a statement. Hrdlicka said in the statement: "The a2 Milk Company is an extraordinary business and I joined the company excited about the opportunity to help define its full potential and deliver against it.. Hrdlicka was chief executive of the Qantas unit, Jetstar Group, for five years before she joined A2 Milk in July 2018. She still retains 95,338 shares in the company with a market value of approximately 85 per cent of her fixed annual remuneration before tax, as well as 410,099 performance rights received under the long-term incentive plans for the 2019 and 2020 financial years.