Shares of Primo Brands Corp (NYSE: PRMB) plunged 18.98% in intraday trading on Thursday, as investors reacted to a series of announcements from the bottled water giant. The company reported mixed third-quarter results, lowered its full-year outlook, and announced an unexpected leadership change, all of which contributed to the sharp decline in stock price.

Primo Brands reported third-quarter adjusted earnings per share of $0.41, surpassing the analyst consensus estimate of $0.38. However, revenue for the quarter came in at $1.766 billion, slightly missing the expected $1.775 billion. More significantly, the company revised its full-year 2025 guidance, now projecting a low single-digit decline in net sales growth, which raised concerns among investors about the company's near-term prospects.

Adding to the uncertainty, Primo Brands announced a major leadership transition. The company appointed Eric Foss, a current board member, as Chairman and Chief Executive Officer, succeeding Robbert Rietbroek. This unexpected change at the top, combined with the reduced outlook and mixed earnings results, appears to have shaken investor confidence, leading to the substantial sell-off in Primo Brands' stock during the trading session.