It was an unfortunate day for shareholders of the printing company PMP limited (ASX: PMP) who watched their stock crash by 30% before closing on Monday at 53.5 cents, the lowest it's been since June 2016.
As such, the board and executives will likely face the wrath of shareholders, at least those who remain with the company, at its AGM on Wednesday.
So what happened?
First, PMP downgraded its EBITDA forecast for FY 2018 from between $70 million to $75 million to between $50 million and $55 million, a drop of about 28%.
And PMP lowered FY 2019's forecast from between $90 million and $100 million to between $70 million and $80 million, a decrease of around 22%.
Secondly, PMP, with a market capitalisation of $272 million, announced the resignation of its CEO Peter George "following a tragic family bereavement".
PMP Chairman, Mr Matthew Bickford-Smith, praised Mr George for transforming "an inefficient, loss-making company with significant debt to become the clear industry leader with both scale and capability".
"Given Peter's original intention to retire next year, we had already begun the succession planning process, which will now be accelerated," Mr George said.
"A thorough search of external and internal candidates is well advanced and should be completed by the end of the calendar year when a permanent appointment will be made.
"To assist the transition the company and Peter have agreed for him to remain engaged as a consultant."
PMP announced the appointment of Kevin Slaven as Interim CEO to commence on 1 December.
Mr Slaven is the former CEO of IPMG Group and joined PMP with the merger in March 2017.
He is currently responsible for the Distribution and Marketing Services division at PMP.
Mr Slaven, currently the Deputy Chair of the Australasian Catalogue Association, was appointed CEO of IPMG in July 2013 after originally joining the business in 2000 as CFO and Company Secretary.
Mr Slaven said he plans to build on the "strong foundations that Peter George and the board have put together" following the recent merger.
"Much of the integration has been done," Mr Slaven said.
"The next step is to complete the integration, the phase 2 initiatives, and leverage PMP's position as the pre-eminent print media and marketing services company in Australasia."
It's not the only recent shakeup at PMP.
Mr Anthony Cheong stepped down as a non-executive director in September and in October Ms Wai Tang and Mr Terry Sinclair were appointed as independent non-executive directors to the PMP Board.
Ms Tang is also a non-executive director of Vicinity Centres Re Ltd (ASX: VCX), JB Hi Fi Limited (ASX: JBH), and Kikki K Pty Limited.
Mr Sinclair has significant experience across the industrial, resources and consumer services sectors, including 20 years in senior management roles with BHP Billiton Limited (ASX: BHP) and 10 years with Australia Post.
He was previously the Managing Director of Service Stream Limited (ASX: SSM) and Chairman of AUX Investments Pty Ltd, jointly owned by Qantas Airways Limited (ASX: QAN) and Australia Post.
Mr Sinclair is also a non-executive director of Cleanaway Waste Management Limited (ASX: CWY).
As such, there's certainly big changes happening at PMP.
But it's too early to tell if these changes will help the company lift its game.
