Here's what happens when founders say bye

So, David Lenigas is heading for the exit at Leni Gas & Oil, the Trinidad-focused exploration company he set up in 2006. He's been executive chairman for all that time and clearly believes his work there is done.

"The original objective of LGO was to create an oil production company with over 1,000 barrels of oil per day and the company is now poised to significantly exceed these original expectations as new wells are drilled and come on to production from the Goudron Field in Trinidad," he explained last week.

Lenigas is obviously a very driven individual. He's held a list of directorships as long as your arm and is currently chairman of Rare Earth Minerals, food exporter AfriAg, UK Oil & Gas Investments, Stellar Resources and Solo Oil. He'll chair soon-to-be-renamed resource sector investor Evocutis shortly, too.

Admittedly, Leni Gas & Oil's share price is hardly changed since the company listed on AIM in 2007. Of course, there have been plenty of highs and lows. In 2008, they were up near 10p, then under 0.5p in 2012. This year they've risen five-fold, so an investor's view on the business will very much depend on getting lucky with entry and exit points.

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But what's the market's opinion of Lenigas's departure? When a founder leaves the company he started it can often start alarm bells ringing. It wouldn't be the first time that investors bailed out on hearing that the brains behind the business is about to leave.

Thankfully, on this occasion, the firm is in good hands. But successions aren't always as straightforward - Trap Oil's founders effectively sacked themselves recently to save the company cash, and Kate Bleasdale was kicked out of Healthcare Locums in 2011, the company she had set up eight years earlier, following an accounting scandal at the staffing group.

At Enegi Oil, Thom Board lasted less than two months before Alan Minty took back the reins in 2009, and Lord Harris of Peckham had to step in and run Carpetright once more when chief executive Darren Shapland left after just 17 months. The 72-year-old calls it a day for good on 4 September.

But with all the potential upheaval of a founder cashing in his chips - the loss of expertise, passion, direction, leadership, vision etc - might the perception that the good times are over affect the share price? Well, research carried out by Interactive Investor reveals that share prices do tend to fall in the aftermath of a founder exit (see table).

Two-thirds of the 14 companies we looked at saw their share prices fall in the weeks and months after news of the departure first broke. Of those that rose, pub operator Enterprise Inns jumped as Ted Tuppen's goodbye coincided with decent full-year results, although the price soon fell. Minty's tenure at Enegi has done little to revive the share price long-term, and relief that Gulf Keystone's highly-paid chief exec Todd Kozel had decided to quit had only a short-term benefit. Richard Brindle left Lloyd's of London insurer Lancashire a happy man, trousering over £80 million of cash, benefits and share sale proceeds. The share price tumbled and is yet to recover.

Even substantial share price gains following Steve Wiener's move "to enjoy the fruits of his success" have proved unsustainable this year, despite falling into the hands of capable chief executive Moshe Greidinger. Only fashion retailer SuperGroup can claim consistent progress - its share price has quadrupled since co-founder Theo Karpathios left in 2012 - although as chief executive of Wholesale & International, he was less instrumental than others.

What's the conclusion then? Well, clearly there are other factors at play here. There are few examples where a founder's exit has actually caused a crisis of confidence. Obviously, it's unlikely to help - there are always risks in succession planning - but market conditions, both micro and macro, have also worked against many of these firms. Remember, too, that Blinkx was savaged in a bear-raid. That, as much as anything, may have influenced some of those decisions to call it a day.

For an interesting insight into how founders cope as their business grows, check out this article by LinkedIn co-founder Reid Hoffman.

Noam Wasserman of Harvard Business School has some interesting thoughts, too.

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.