By Colin Kruger
It isn't often you get a successful chief executive regretting the announcement of their own retirement.
But it was a rather costly announcement for Aristocrat Leisure boss, Jamie Ronald Odell.
The poker machine maker's shares dropped as much as 12 per cent, wiping around $2 million off the value of his own stock pot - and more than $1 billion from the value of the company. They were down 8.4 per cent at $13.92 in mid-afternoon trade.
"Jamie Odell will remain fully focused on leading the business over the coming months, and ensuring a seamless transition through to his departure from the business at the end of February 2017," said Aristocrat chairman, Ian Blackburne.
Donald Trump's Taj Mahal in Atlantic City: While things were looking up for the US casino tycoon turned firebrand presidential candidate, the day looked less rosy for pokies maker Aristocrat.Credit: AP/Brian Branch-Price
The company confirmed to CBD that there was no other information to explain the share plunge - the biggest amid a wider market rout as Donald Trump's push for the White House started to look more likely to succeed.
We take investors are nervous of losing their lucky charm who has added roughly $9 billion to the company's market valuation, if you take in its recent all-time high.
After a bumper half-year result in May, Odell said the gambling company was a growth stock for investors and it would focus on building a larger business over the short to medium term.
Odell will be replaced by another Aristocrat executive who started life in the beverage industry at Fosters - Trevor Croker.
Jamie Odell and Toni Korsanos, CEO and CFO of Aristocrat Leisure. Credit: Peter Braig
Aristocrat said that Croker will not be based in Australia.
"In recognition of the fact that North America generates Aristocrat's largest revenues and offers the business its most significant strategic opportunities, Trevor will relocate to the US in the new year to take up the CEO role," said the company's statement to the ASX.
Maybe it was just the wrong time to highlight how much your business is reliant on the US market - even with a reality TV star/casino mogul potentially on his way to the White House.
Got a tip? ckruger@fairfaxmedia.com.au