The CEO exodus continues.
On Tuesday, two prominent retail companies—Nike and Under Armour—announced their CEOs were stepping down. Nike’s long time CEO Mark Parker will be handing over the reigns in 2020 (but stay on as executive chairman), while Under Armour’s founder and CEO Kevin Plank will resign but remain the struggling clothing company’s executive chairman and brand chief.
While neither departure was inundated with controversy, investors seemed a bit skittish on the news—with Nike’s and Under Armour’s stocks closing down some 3.4% and 2.6% respectively on Wednesday.
Still, a bit of post-executive-departure jitters isn’t anything new in the markets. In fact, according to data compiled by YCharts, an investment research platform, companies whose CEOs departed saw their stocks’ returns drop an average of 4.19% in the 30 days following compared to the S&P 500. However, in most cases, the companies’ stocks recovered over the long term, up an average 11.53% after 1 year compared to the S&P 500.
One factor you might think would impact how stocks react to an executive departure is, of course, the nature of the departure—namely, if it was unexpected or on good terms. However, according to YChart’s analysis, historically, companies whose CEOs departed unexpectedly didn’t necessarily perform worse than those whose executives left on good terms. In fact, out of the five companies with unexpected CEO departures that were analyzed (Intel, Papa Johns, Texas Instruments, CBS and Tyson Foods all in 2018, according to data), only two had negative returns in the following 30 days.
More must-read stories from Fortune:
—Maven, the company that slashed Sports Illustrated, has had its own share of financial woes
—Trump’s hosting G7 at Doral Resort raises questions about struggling property, Deutsche Bank loans
—What Warren Buffett’s move to increase his Bank of America stake says about the health of the economy
—How would you spend a universal basic income? We asked participants around the world—and their answers might surprise you
—Why JPMorgan Chase wants to give more former criminals a second chance
Don’t miss the daily Term Sheet, Fortune’s newsletter on deals and dealmakers.