What happened Shares of Cypriot-Russian electronic payments company Qiwi (NASDAQ: QIWI) were down 12.1% as of 10:30 a.m. EST on Wednesday after the company announced changes to its senior management team Tuesday night. Specifically, Qiwi announced that Sergey Solonin, CEO of the financial services company since 2012, is stepping down to become the executive chairman of the board, effective Jan. 15, 2020. Image source: Getty Images. So what Current board chairman and company co-founder Boris Kim will take over as CEO on that same date, combining the roles of chairman and CEO. Further bolstering the management ranks will be the current chairman of the board of Qiwi Bank, Maria Shevchenko, who will become deputy CEO of the whole company, responsible for compliance, legal, and back-office operations. Solonin issued a statement saying that he remains fully committed to Qiwi and intends to remain active in the company. He explained that he is resigning as CEO primarily to give himself time "to focus more on the Group's long-term strategy, rather than managing day-to-day operations." Now what In short, management has been given a bit of a reshuffle, but no one's heading for the exit in a panic. The 12% sell-off on this news seems like an overreaction. 10 stocks we like better than QiwiWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Qiwi wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of December 1, 2019 Rich Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source