Aptitude Software Group PLC (LSE:APTD) shares fell 18% to 280p after a trading update revealed its chief executive is leaving after a half-year where annual recurring revenue growth declined.
Jeremy Suddards will step down, with Alex Curran, currently regional CEO for North America, becoming acting CEO.
Chair Ivan Martin said Curran's sales focus and experience within the North American market make her "well placed" as the company builds on its strategic partnership with Microsoft to integrate Fynapse and Dynamics 365.
Annual recurring revenue grew at a rate of 3% on a constant currency basis to £49.8mln at 30 June, which was lower than in previous periods and blamed on continued higher levels of customer churn "as certain clients monitor spend as a result of wider economic uncertainty and high inflation".
The board expressed confidence that the group will meet profit expectations for the full year.