The Globe and Mail reports in its Saturday, Nov. 8, edition that Altus Group stock declined sharply Friday following the unexpected departure of chief executive officer Jim Hannon and the decision to abandon a sale process while lowering its financial guidance for the second consecutive quarter. The Globe's Sean Silcoff writes that shares fell as much as 18.3 per cent in heavy trading after the announcement, closing down 12 per cent at $47.18. National Bank analyst Richard Tse reduced his share target to $52 from $74, citing the need for better clarity on the future outlook. Mr. Hannon, who became CEO in April, 2022, is leaving the board and will be succeeded by former CEO Mike Gordon, who also takes on the role of executive chair. Mr. Gordon thanked Mr.Hannon for his contributions to Altus's transition to a data-focused provider. Mr. Gordon said Mr. Hannon's exit was tied to Altus's completion of its transformation and shift to step up growth efforts. News of his sudden departure coincided with the company's lowered outlook and the end of a strategic review process. With a market capitalization over $2-billion before Friday, the company acknowledged in August that it was exploring a sale.