TT Electronics PLC (LSE:TTG) shares tripped 10% lower as the engineer said chief executive Peter France has stepped down from his role and the board with immediate effect.
Eric Lakin, previously CFO-designate, has been appointed acting CEO and joins the board. The company will now search for both a permanent CEO and an interim CFO.
The group said it plans to deploy "specialist external resources and capability" to support a turnaround at its Cleveland manufacturing facility.
It is also assessing all options for its Components business, which has been impacted by market downturn and is seen as "sub-scale" in nature.
For the 2024 calendar year, adjusted operating profit fell 17% to £37.1 million, while organic revenue declined 5%.
The group reported a statutory operating loss of £23.5 million after a £52.2 million goodwill and asset write-down in North America.
Margins in Europe and Asia improved during the year, helping to offset operational challenges in North America.
On the outlook, due to the increased market uncertainty from US trade tariffs and the potential impact on demand, the board provided a wider range of potential outcomes for 2025, while also hoping for efficiency and productivity improvements from its operational improvement plan.
"However the current uncertainty has increased the downside risk for the group and the board now expects adjusted operating profit to be in the range of £32 million to £40 million."