Shares have fallen steeply at directory business Yell after two top executives said they would be leaving the firm.
Yell said its 60-year-old chief executive John Condron and chief financial officer John Davis, aged 48, would leave by May next year.
Mr Condron is retiring after 30 years with the company, while Mr Davis said he wanted to pursue new opportunities after 10 years with Yell.
The company also announced a 24% fall in adjusted annual earnings to £619m.
Replacements for Mr Condron and Mr Davis have not yet been named.
The Yellow Pages publisher has been struggling over the past couple of years, after the economic downturn hit advertising revenues.
The company also faces severe challenges to its business from online rivals, such as Google.
Revenues for the year to 31 March fell by 11.5% to £2.12bn. However, the company said it had cut its net debt to £3.1bn, a reduction of £1.1bn over the financial year.
Shares in the company, which was spun-off from BT in 2001, closed down 22% at 36.76 pence.