Icahn Enterprises LP (IEP) saw its stock plummet 7.56% in pre-market trading, as the market reacted to significant corporate developments and disappointing first-quarter financial results.

The sharp decline follows the unexpected resignation of Andrew Teno as President, CEO, and Board Member. The company simultaneously announced the promotion of Ted Papapostolou from CFO to President and CEO, effective immediately, and appointed Robert Flint as the new Chief Financial Officer. While a succession plan was in place, the sudden leadership change introduced uncertainty among investors.

Compounding the negative sentiment, the company reported first-quarter earnings that fell far short of Wall Street expectations. Icahn Enterprises posted a loss of $0.71 per depositary unit, a significant miss compared to the analyst consensus estimate for a profit of $0.12. Quarterly revenue of $2.311 billion also slightly missed the estimated $2.333 billion. The company reported a net loss attributable to unitholders of $459 million for the quarter.