The head of construction and maintenance firm Transfield Services is stepping down.
The announcement came as the company released its results for the year to June 30, which were in line with the company's forecasts issued in April.
The company's shares plunged as much as 24 cents, or 12 per cent, to $1.81 in early trade
Chief executive Peter Goode will resign on September 30, Transfield says, and will be temporarily replaced by non-executive director Graeme Hunt while a search for a permanent replacement is undertaken.
"Peter has successfully led Transfield Services through a period of significant change," Transfield chairman Tony Shepherd said in a statement.
"Over the past three-and-a-half years, he has designed and directed a strategy that has seen Transfield Services expand into key growth sectors."
Transfield made an operating net profit of $106 million in the year to June 30, just ahead of the $105 million result it forecast to the market in April.
However, the operating profit was down 17 per cent on the previous year, due mainly to costs associated with restructuring initiatives that the company expects begin delivering financial improvements in the 2012/13 financial year.
Transfield has forecast an operating profit at the lower end of a range of $125 million to $135 million, assuming no significant change to the value of the Australian dollar and no extreme weather events.
The company’s statutory net profit in the year to June 30 was $84.8 million, up from a $19.7 million loss in the previous year caused by one-off restructuring costs.
Transfield said its pipeline of new work increased by more than six per cent in the year, to $30.3 billion, as large resources and energy projects begin operating and require management and maintenance.
Transfield declared a final, unfranked dividend of nine cents per share, in line with the previous year’s final disstribution.
AAP