The All Ordinaries Index (ASX: XAO) is up 0.2% today, with one ASX All Ords stock doing a lot of the heavy lifting.
The outperforming company in question is crash repair and vehicle accessories company AMA Group Ltd (ASX: AMA).
AMA shares closed yesterday trading for 5.9 cents. In earlier trade, shares leapt to 6.7 cents, up 13.6%. After some likely profit-taking, shares are changing hands for 6.5 cents apiece in late afternoon trade, up 8.5%.
This comes following news of a major executive shakeup.
ASX All Ords stock surges on leadership change
Investors are piling into AMA shares after the ASX All Ords stock announced that Mathew Cooper has stepped down from his role as CEO, a position he held for 16 months.
AMA said that Ray Smith-Roberts, currently a non-executive director at the company, has been appointed in Cooper's place to take the role of managing director.
According to the board, Smith-Roberts "has deep operational experience, to oversee this next phase of the development of the company".
The board noted that Smith-Roberts has successfully operated a number of AMA's businesses, and from 2011 to 2019 he served as an executive director.
Potentially spurring investor interest in the ASX All Ords stock today, the board said, "He has a proven track record for extracting efficiency and performance improvements from businesses in this sector, including panel repair."
The company endured a difficult three years between 2021 and early 2024 and has been working to turn its business around.
The company cited the successful transformation of its balance sheet over the past nine months, pointing to:
- The completion of its capital raise and debt extension in August 2024
- The refinancing of its banking facilities on improved terms in February 2025
- The repayment of its $50 million of convertible notes in March 2025
- The expansion of its relationship with Suncorp, announced yesterday
Moving forward, management said, "AMA's turnaround is to focus on further improving the performance of its operations, specifically the AMA Collision business."
What's happening with AMA and Suncorp?
AMA shares closed up 1.7% yesterday after the ASX All Ords stock reported that the update of its Motor Repair Services Agreement (MRSA) with S&P/ASX 200 Index (ASX: XJO) insurer Suncorp Group Ltd (ASX: SUN) had been completed.
Management said the two companies had reaffirmed their commitment to working together.
"We are pleased now to have reaffirmed our AMA Group partnership with Suncorp as we continue to grow our network and deliver the best service possible to Suncorp's customers," Cooper said yesterday, shortly before departing the company.
The post Guess which ASX All Ords stock just rocketed 14% on BIG leadership news appeared first on The Motley Fool Australia.
Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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