Why Activision Blizzard Stock Dropped 4% Today

Shares of video game giant Activision Blizzard (NASDAQ: ATVI) are slumping 4% as of 2:55 p.m. EDT Tuesday, after the company announced a change in management. This morning, Activision President Daniel Alegre said he was "pleased to announce" that development executive vice president Jen Oneal and platform and technology executive vice president Mike Ybarra have been appointed "co-leaders of Blizzard," replacing that division's current president, J. Allen Brack. Variety, for example, points out today that just two weeks ago, the California Department of Fair Employment and Housing filed suit against Activision Blizzard alleging that the division led by Brack has a "pervasive frat boy workplace culture," in which women are subject to workplace harassment and paid less than men.