Why Wingstop Shares Are Sliding After Hours

Wingstop Inc WING shares are trading lower in Monday's after-hours session after the company's CEO, Charlie Morrison, stepped down. Wingstop president and COO Michael Skipworth has been named Morrison's successor, effective March 13. 

Morrison announced his resignation from Wingstop to become the new CEO of Salad And Go. Skipworth joined Wingstop in 2014 and has served in a number of leadership roles within the company. 

"Michael has worked closely with me as a trusted partner and colleague and I cannot think of a better person to serve as Wingstop's president and CEO," said Morrison. 

Wingstop is a franchisor and operator of restaurants that specialize in cooked-to-order, hand-sauced and tossed chicken wings.

WING 52-Week Range: $115.50 to $187.35

Wingstop shares were down 5% after market hours Monday, trading at $116.90. 

Photo: Courtesy Wingstop