Argentex Group PLC (AIM:AGFX), the foreign exchange company, saw its shares trade around 22% lower on Thursday morning after it confirmed the exit of its chief executive officer and founder Harry Adams.
Adams leaves with immediate effect and is set to be replaced by Jim Ormonde on an interim basis.
Ormonde worked in various roles prior to his appointment, including as CEO of Cardsave, a credit card payments company which at one point was one of the largest in Europe.
Working as a director at Retail Merchant Services, the 52-year-old incumbent boss boasts experience as an advisor and consultant for various fintech firms as well as being the current chairman of Gusbourne PLC (AIM:SHLP), the wine producer.
Nigel Railton, chairman, said in a company statement: "We have recently conducted a review of Argentex's strategy and have identified a number of areas of focus to ensure the continued growth of the business.
"Jim is an experienced operator with a strong track record in successfully scaling technology businesses and I am pleased that he has agreed to step up and lead the team to start the important process of implementation."
Shares in Argentex are down more than 44% this year, with most of the losses coming from Thursday’s sell off, with the stock having opened trading at around 90p.