Shares in Temple & Webster have plunged more than 30 per cent after the loss-making online furniture retailer cut its full year profit forecast again and its boss resigned.
Co-founder Brian Shanahan has resigned immediately as chief executive and managing director.
This follows the resignation of the company's chief financial officer Deborah Kelly last month.
The company's other co-founder and chief operating officer Mark Coulter will step in as interim CEO.
The furniture and homewares retailer is also ending its www.zizo.com.au platform to focus on building Temple & Webster into a household name.
As a result, the company has lowered its revenue guidance to range between $60 million to $62 million as it migrates the ZIZO business into Temple & Webster.
Temple & Webster's shares more than halved on February 25, wiping around $45 million off the company's market value, after it warned it would miss its annual revenue and earnings forecasts.
It had forecast annual revenue to fall about 10 per cent below the $76.2 million forecast in its prospectus and for its $8.5 million underlying loss to possibly blow out by up to $5.5 million.
The company's chair Carol Schwartz said she was sad to see Mr Shanahan go but reassured investors that management had a turnaround plan.
"The board would like to thank Brian for building Temple & Webster from an idea into the largest online retailer in its category within five years," Ms Schwartz said in a statement on Friday.
"Brian has worked incredibly hard and with an amazing passion to deliver this feat, and will be missed."
She said the good news was that Mr Shanahan's replacement provided continuity in leadership.
"Mark and the management team have been working hard on this revised plan and are already in the process of executing it," she said.
Temple & Webster's share price closed 7.5 cents, or 31.25 per cent, lower at 16.5 cents on Friday.
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