Shares in oil & gas services player Cape have taken an early plunge on Thursday after the chief executive made a hasty departure.
Martin May has also resigned as a director of the London-listed outfit with immediate effect in order “to pursue a new challenge”, Cape said.
The fact that May has left immediately suggests he is eyeing another role elsewhere in the same industry.
Non-executive director Brendan Connolly has been put in as acting chief executive.
Shares in Cape sank over 7% before the opening of trading in London on Thursday morning.
May has been with Cape for 10 years having been appointed interim chief executive in June 2002. A year later he became executive chairman, a role he relinquished three years later when he became chief executive.
Cape recently revealed a slight drop in full-year net profit despite a sizeable hike in revenues.