Investors have punished kitchen appliance maker and distributor Breville Group after chief executive Jack Lord stepped down as the company faces challenging business conditions.
Mr Lord's departure comes less than three months after chairman John Schmoll made a sudden exit from the company.
The announcement came as Breville reported a 1.9 per cent fall in full year net profit to $48.8 million.
Breville shares dropped $1.62, or 18.6 per cent, to $7.10.
The company said it expects broader business conditions to remain "globally challenging and increasingly competitive" in the current financial year.
In response to the challenges, the company plans to accelerate an organisation-wide cost efficiency review as it launches new products and expands to Brazil.
It also plans to continue to collaborate with celebrity chef Heston Blumenthal in marketing and advertising as it acquires the culinary division of kitchen product manufacturer PolyScience.
Breville says it has a "strong pipeline of new products in full year 2015 and beyond," including a new blender which it will launch in North America in the coming year.
In Australia, Breville owns brands such as Kambrook and Ronson.
The company's full year revenue grew 11.3 per cent to $541.6 million.
Chairman Steven Fisher said overall the group's Australian and New Zealand business performed well and gained market share in a retail environment where consumers remained cautious with their spending.
Analysts said the share price fall was an overreaction, given the company's positive outlook.
"The CEO's resignation has come as a bit of a surprise and potentially why we're seeing a huge fall in the share price today," Bell Direct analyst Leanne Jones said.
"The result was slightly below consensus forecasts but Breville has a stronger balance sheet and the cash was quite good."
BREVILLE FACES CHALLENGING GLOBAL CONDITIONS
* Full year net profit of $48.8m, down 1.9 pct from $49.7m in 2012/13
* Revenue of $541.6m, up 11.3 pct from $486.5m
* Final dividend of 27 cents a share, up from 26 cents
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