Adairs (ASX:ADH)’s shares surged as much as 6.9% to A$2.47, reaching their highest level since March 8, 2023.

The stock made a significant intraday percent gain which is the largest since February 27.

The increase came after the home furnishing retailer announced the resignation of its non-executive chairman Brett Chenoweth from the board, effective from March 22.

The company also reported that non-executive director Kate Spargo will become the interim non-executive chair.

Around 1.1 million shares were traded, compared to the 30-day average volume of 1 million shares.

So far this year, the stock has seen a 34.5% increase, as noted at the last close.

Adairs is a home furnishing retailer.