Engineering contractor Calibre Group announced late today the resignation of managing director Rod Baxter, following a series of damaging profit downgrades that have shattered its stock price.
Mr Baxter's standing in the market was badly damaged in April, when the company's share price plunged from about $1.20 to 40 cents.
That was triggered by its second earnings downgrade in the space of two months.
Calibre's share price is currently languishing around 29 cents, a far cry from the $1.50 level it touched briefly last August soon after listing on the ASX.
It is not alone in having downgraded its earnings this year. Worley Parsons, UGL and Sedgman are other engineering contractors to have done the same.
Calibre's problem was the double downgrade in just two months, the lack of earnings history as a listed company, and the poor growth prospects in its core iron ore and coal markets.
The company said it is currently assessing potential candidates for the role of managing director.
In the interim, the head of each of Calibre's main businesses, including Calibre Global, G&S Engineerng and Brown Consulting, will report directly to chairman Ray Horsburgh.
Former Bilfinger Berger Services Australasia managing director Mark Elliott was recruited in January as chief exeutive of Calibre Global, the group's main engineering and project delivery subsidiary.
He brought 25 years experience to the role, having worked previously for Brookfield Multiplex, Thiess, Macmahon and Abigroup.
Queensland-based G&S Engineering was acquired in 2012 after Calibre's IPO and stockmarket listing, while Melbourne-based Brown Consuting was acquired in 2011.
In its April earnings update, Calibre said it had been adversely affected by delays in capital investment decisions and ongong cost management affecting its asset maintenance activity.
Its 2012-13 net profit forecast was cut from $55-60 million to $30-35 million.