Pets At Home says chief executive Lyssa McGowan is stepping down with immediate effect - and the business has also cut its annual profit forecast for the second occasion this year.
Shares in the London-listed retailer tumbled by more than a fifth on Thursday following the announcement.
Ms McGowan has stepped down "with immediate effect" and the hunt for her replacement has commenced, the company informed investors.
The departing chief executive, who received an OBE in June for her contributions to retail, had been at the helm of Pets At Home since 2022.
The retailer has grappled with declining sales throughout the past year, attributing this to a "subdued" pets market and weakened consumer confidence.
The business operates across multiple sectors, selling small animals such as rabbits and hamsters alongside pet products through its retail arm, whilst also delivering veterinary healthcare and grooming services at locations nationwide.
Ian Burke has assumed the position of executive chairman on an interim basis until a permanent chief executive is appointed, the firm confirmed.
The company also informed shareholders it was reducing its underlying pre-tax profit projection for the 2025-26 financial year, now anticipated to fall between £90 million and £100 million.
This represents a further reduction from its previous guidance of £110 million to £120 million.
The revised annual profit expectations would represent a decline from the £133 million recorded in the preceding year.
Although retail sales performance has shown improvement in recent months, the progress has fallen short of company expectations. The company reported a rise of over 10% in online sales, while store sales have seen a decline of 5% for the year to date.
Pets At Home still intends to open 10 new veterinary practices during the financial year, along with expansions at 15 existing locations.
On Thursday morning, the firm's shares had plummeted by some 22%.
