TrueBlue stock falls after CEO resigns following investigation into conduct

Shares of TrueBlue Inc. dropped 1.4% in morning trading Wednesday, after the staffing services company disclosed that Chief Executive Patrick Beharelle resigned after less than four years in the role following an investigation into his conduct. Chairman Steven Cooper, who was previously CEO of the company, was named CEO effective June 14. “Mr. Beharelle’s resignation follows an investigation, led by outside counsel, into allegations regarding his conduct,” the company said in a statement. “Based on the findings of this investigation, the board of directors determined he engaged in behaviors that violate TrueBlue’s policies and code of conduct.” The company said Beharelle’s conduct wasn’t related to financial controls, financial statements or business performance. The stock has dropped 30.1% year to date, while the S&P 500 has lost 20.6%.

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