What's Going On With Manchester United Stock?

Manchester United Ltd MANU shares are trading higher Wednesday after the company announced a management transition.

What Happened: Manchester United said Richard Arnold will step down from his role as CEO of the company and Patrick Stewart will step into an interim CEO position. Arnold will provide support during the transition period and help out through the end of December as the company carries out a search process for a permanent replacement. 

"Together with my leadership team colleagues, my job will be to ensure that the club's foundations remain stable while we embrace changes that can make us stronger over the long term, both on and off the pitch," Stewart said. 

Executive co-chairman Joel Glazer added that Manchester United is "fortunate to be able to call on the deep knowledge and experience of Patrick Stewart to provide interim stability" while it searches for a permanent replacement. 

About one year ago, Manchester United's board commenced a process to explore strategic alternatives for the club designed to enhance future growth. The company had reportedly been considering multiple takeover offers, but a deal has not been reached. 

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MANU Price Action: Manchester United shares were up 2.18% at $19.24 at the time of publication, according to Benzinga Pro.

Photo: nmoodley from Pixabay.