Noble Group (N21.SG) off 2.3% at 8-session low of $1.68 in active trade as investors react to news of Richard Elman stepping down as chairman, according to Dow Jones.

Pullback not surprising as Elman widely credited for building up supply chain manager, but analysts say it’s still business as usual.

“He will still be an influential character on the board, so I wouldn’t read too much into this. It’s not very eventful since he will still play a part in the board and he’s still the controlling shareholder,” says an analyst at foreign brokerage.

Independent board director Tobias Brown will become executive chairman from Sept 1, while Elman will focus on what he calls “strategic issues” facing Noble, on promoting shareholder value.

Separately, Noble has proposed issue of senior notes to fund general corporate purposes, but no details given. Orderbook quotes suggest support around $1.63.