Shares in finance and leasing company FlexiGroup have dived following chief executive Tarek Robbiati's sudden resignation.
Flexigroup, which provides interest-free products through Australian retailers, says Mr Robbiati will step down from his post before the end of December and move overseas.
"Tarek will remain as CEO whilst we undertake a search for his replacement and to allow a smooth transition," chairman Chris Beare said in a statement on Tuesday.
Mr Robbiati's departure from the company, which also leases equipment, comes after just two and a half years in the top job.
The company's stock dropped 24 cents, or seven per cent, to $3.19.
Mr Robbiati said now that FlexiGroup's transformation is well on track, it was time for him to leave.
"I believe FlexiGroup is extremely well positioned to deliver on its digital future," he said.
Since Mr Robbiati took over the reins at FlexiGroup in January 2013 he has lifted profits and overseen a string of acquisitions of finance and leasing companies.
In March, FlexiGroup announced it would become New Zealand's biggest IT leasing company thanks to the acquisition of market leader Telecom Rentals for $NZ106 million.
The deal came a year after FlexiGroup made its first New Zealand acquisition, buying technology leasing group Equico for a small, undisclosed sum.
Meanwhile, the company is on track to meet its forecast of $90-91 million in cash net profit for 2014/15.
FlexiGroup produced an $85 million cash profit last financial year.
Its net profit result of $57.6 million was impacted by one-off costs relating to acquisitions.
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