Online wine merchant Naked Wines Plc lowered its full-year revenue and profit guidance on weak trading in the US, pinning the blame on Chief Executive Officer Nick Devlin, who resigned with immediate effect.

The Norwich, England-based company now expects a sales decline of 12% to 16%, compared with its previous forecast of an 8% to 12% drop, according to a statement on Tuesday. It also forecast full-year adjusted earnings before interest and taxes of £2 million ($2.47 million) to £6 million, down from the £8 million to £12 million previously targeted.

The shares slid as much as 38% to the lowest intraday level on record in London, taking this year’s decline to almost 80%. The stock was down 34% at 29.8 pence as of 9:44 a.m. local time.

“While trading in the UK and Australia has been in line with the board’s expectations, current trading in the US has fallen well behind, both in terms of sales and margin. Customer attrition remains at historically low levels,” said Rowan Gormley, who assumed the role of Executive Chairman while a successor for Devlin is sought.

The shortfall “is largely to do with execution, which in turn is largely due to Nick Devlin splitting his time across both the role of CEO and US President,” Gormley said.

US revenue fell 20% in the first half on a constant currency basis.

(Updates share price, adds chart)

Author: Chloé Meley and Maggie Shiltagh