Tyro Payments Ltd (ASX: TYR) shares are falling on Thursday morning.

At the time of writing, the ASX 300 share is down 17% to 76 cents.

As a comparison, the S&P/ASX 300 index is up 0.1% at the time of writing.

Why is this ASX 300 share crashing?

Investors have been hitting the sell button today after the payments company announced the shock exit of its CEO and Managing Director, Jon Davey.

According to the release, Davey has announced his intention to step down after accepting the CEO role at a private equity backed business. The company notes that the new role is based in Melbourne where he lives and is outside of the financial services sector.

Davey won't be leaving immediately. He will continue in his current role with the ASX 300 share for up to six months to support a smooth transition while an executive search process is undertaken.

It was only a short reign for the outgoing CEO. He joined Tyro in 2021 through the acquisition of Medipass, where he served as its CEO. Davey was then appointed CEO of Tyro in September 2022, which means he has been at the helm for less than three years.

Unfortunately, it has been a disappointing period for the company and its shareholders during his leadership. Since his appointment on 15 September 2022, the Tyro Payments share price has lost 80% of its value.

Commenting on the CEO's exit, the ASX 300 share's chair, Fiona Pak Poy, said:

Jon has made a substantial contribution to Tyro leading the company through a period of significant transformation. He has cultivated a high-performance culture, executed with focus, and laid the foundations for sustainable growth.

Jon leaves the company in excellent shape, with a strong leadership team committed to delivering our growth strategy for FY26 and beyond, including the expansion of the health business and banking proposition and entry into new verticals including aged care and pet insurance. On behalf of the Board, I thank Jon for his leadership and commitment.

Speaking about his exit, outgoing CEO Jon Davey adds:

It's been a privilege to lead Tyro. I'm proud of what we've achieved and confident in the company's future. I remain fully committed to supporting the business and ensuring a seamless handover to the next CEO.

Following today's decline, Tyro Payments' shares are down 8% since the start of the year.