Nike (NKE) shares plummeted in after-hours trading on Tuesday after the company withdrew its full-year forecast ahead of the CEO transition, set to take place in mid-October.

The company reported earnings of $1.1 billion for the first quarter of fiscal 2025, down 28% compared to the same period last year, but still above analysts’ expectations. Revenue came in at $11.59 billion, down 10% year-over-year, slightly missing market expectations.

The company also postponed its investor day, originally scheduled for November 19, to give the new CEO, Elliott Hill, more time to settle in. The second-quarter forecast also fell short, with Nike expecting revenue to decline by 8-10% year-over-year.

Nike shares dropped more than 7% following the news.