Kohl’s surprise CEO departure announcement a day before its quarterly results will play on the minds of investors, who were looking out for a positive forecast from the struggling department store chain ahead of the key holiday shopping season.

Kohl's on Tuesday forecast a bigger drop in annual sales than previously expected, a sign the department-store chain is struggling to draw in shoppers as it navigates a CEO change ahead of a deal-heavy holiday shopping season.

KEY TAKEAWAYS Kohl's stock is plummeting 17% in premarket trading after it reported weaker-than-expected third-quarter earnings Tuesday, the day after it announced that CEO Tom Kingsbury would stepping down after less than two years running the struggling retailer.

Kohl's stock is sinking Tuesday after the retailer missed Q3 earnings expectations, slashed its full-year outlook and announced a C-suite shakeup.

Kohl's on Tuesday forecast a bigger drop in annual sales than previously expected, a sign the department-store chain is struggling to draw in shoppers as it navigates a CEO change ahead of a promotion-heavy holiday shopping season.