Currys PLC (LSE:CURY) shares dropped over 9% to 119.65p after chief executive Alex Baldock handed in his notice after eight years in the role, to take up a new position elsewhere.
The FTSE 250 electricals retailer said it would begin a formal search for his successor, with Baldock remaining in post to ensure a smooth handover.
Currys also issued a brief trading update alongside the announcement, saying performance since its last update in January had been in line with expectations.
The group continues to forecast adjusted pre-tax profit of £180-190 million for the full year, an increase of 11-17% on the previous year.
Net cash at the year-end on 2 May is expected to come in above its £100 million target.
Baldock joined Currys in 2018 and oversaw a significant restructuring of the group, which sells consumer electronics across the UK and Ireland.
Chair Ian Dyson thanked him for an "exceptional contribution", saying he had transformed the business "in the face of some difficult headwinds."
Baldock said his time at the group had been "simply the best of my career," adding that he would remain "a loyal Currys customer, advocate and shareholder."
Trade press reported that there was no news as of yet regarding his next move.
House broker Panmure Liberum said Baldock was stepping down after leaving Currys "a significantly stronger business than the one he inherited in 2018", overseeing the exit of Carphone Warehouse, the sale of Greece operations, and the successful transition to a fully omnichannel model.
"He also steered the company through both the Covid crisis and the cost of living crisis, strengthening its resilience and accelerating market share gains profitably.
"As a result, Currys has delivered a substantial reduction in the pension deficit, moved from a net debt to a net cash position, and restored margins back to pre-covid levels in the face of tough macroconditions.
"Today, the business benefits from stickier revenues, strong new growth prospects, and a capable leadership team ready to execute the next phase. Importantly, trading since the Peak update has remained in line with expectations."
** UPDATE: Adds share price and broker comments **