Turning Point Brands named a new CEO and cut its full-year outlook on Monday. Investors soured on the paired shifts.

Shares of Turning Point fell 13% to $59.13, heading for its largest single-day decline since April 21. Altria Group shares dropped 1.4%, and Philip Morris International stock fell 1% on the news. London-traded British American Tobacco shares declined 0.5%.

Executive Chairman David Glazek will succeed Graham Purdy as CEO effective Oct. 1. The company said that Purdy is stepping down for personal reasons, and the departure is "not related to any disagreement with the company."

Turning Point separately reaffirmed its full-year nicotine pouch sales guidance between $330 million and $350 million. The company lowered its estimated earnings before interest, taxes, depreciation, and amortization (Ebitda), to between $70 million and $80 million, down from a high of $90 million. That brings Turning Point closer to Wall Street's expectations for an Ebitda of $76.5 million, according to FactSet.

In lowering its guidance, Turning Point cited the likelihood that its U.S. manufacturing, which Purdy has said will launch by late 2026, won't boost margins until 2027. Persistent higher freight costs will also likely cut into profits, according to the company.

Purdy, the firm's former chief operating officer, was appointed Turning Point's CEO in 2022. He joined the company in 2004, transitioning from Philip Morris after seven years, and held various leadership positions before joining Turning Point's executive suite.

Glazek has served as Turning Point's director since 2012 and was named executive chairman in 2023. He previously worked at Blackstone.