Shares in MySale tumbled 16% this morning on the news of the chief financial officer’s resignation.

Andrew Dingle announced his resignation on Tuesday and said he will leave the group in October following a handover process.

Loss before tax grew from A$1.6 million to A$1.7 million as the online retailer was hit with an A$1.4 million charge regarding the purchase and reorganisation of personalised product retailer Identity Direct.

The group was also faced with an A$20million hit for abandoned acquisitions.

MySale said: “Whilst it is disappointing to incur costs on projects which do not conclude the group has identified key strategic and commercial benefits that can be derived from increasing the scale of the business and continues to evaluate acquisition opportunities.”

The group’s CEO, Carl Jackson, remained confident in the retailer’s future and said:

“While it is early in the current year, and our peak trading period lies ahead, trading to date has been in line with expectations and the board expects that underlying earnings before interest, taxation, depreciation, and amortization for the year will be in line with market forecast.”

Tuesday also saw the resignation of Aviva’s CEO, Mark Wilson.

Wilson left Britain’s biggest insurance company and said it was “time for new leadership to take the group to the next phase of its development”.

Shares in MySale (LON: MYSL) are currently trading down 15.47% at 41,80 (1541GMT).