Shares in Low & Bonar have fallen by 26.4% in early morning trading on Monday after the company gave a full-year performance warning, and said the chief executive is to step down.
The board announced a “change of leadership” is required, the company said on Monday chief executive Philip de Klerk will leave the company in July.
Daniel Dayan, chairman will be interim boss who will take on executive chair responsibilities.
Low & Bonar, said in a statement, “Progress is being made, but it is taking longer than anticipated to resolve some of the legacy issues during a challenging period.
“The board will take the actions necessary to improve performance in the short and longer-term.”