NEW YORK ( TheStreet) -- Urban Outfitters ( URBN) has named Richard Hayne as chief executive after Glen Senk resigned from the post. Senk resigned Monday in order to "pursue another opportunity." He will remain at the company to assist in the transition. Senk has also resigned from the board of directors. Hayne will become CEO, effective immediately, having previously served as chairman and president. Senk has been with Urban Outfitters for 18 years, serving as CEO since 2007. Shares of Urban Outfitters plunged more than 13% following the announcement. -- Reported by Jeanine Poggi in New York Follow TheStreet.com on Twitter and become a fan on Facebook.