Why RPC Stock Dived by Nearly 12% Today

RPC stock fell nearly 12% after announcing that CEO Ben Palmer, who has led the company since 2022 and worked there since 1996, is retiring before year-end. The board has initiated a search for his replacement, with Palmer serving in an advisory role during the transition. Despite Palmer's achievements in expanding higher-margin services and the Permian Basin presence, shareholders reacted negatively to the leadership change.