Wyoming-based consumer product company Spectrum Holdings (NYSE:SPB) released its second-quarter financial results.

Although the company had a disappointing quarter, a new CEO was appointed. David M. Maura, who joined the company in 2011, will now act as CEO as of today, replacing Andreas Rouvé.

Rouvé, who has been with the company since 2002, will be stepping down from as CEO and also from his position as a Director.

Operating income of Spectrum Brands fell 58.9%, from USD $105.1 million last year to $43.2 million, and net sales only increased by 1.3%.

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According to Maura, challenges caused by two of the company’s manufacturing and distribution products were greater than what was expected, that lead to “facility-wide disruptions which hampered distribution capabilities materially in March.”

Maura believes that looking into “the second half of the year underlying customer demand for [the company’s] products remains healthy…order books remain strong and [they] are optimistic about regaining momentum and growth by delivering increases in net sales and adjusted EBITDA versus the first half.”

Spectrum predicts that the adjusted free cash flow of 2018 should be between $485 and $505 million.

As well as appointing a new CEO, Spectrum has also announced that the Board of Directors has approved a three-year repurchase program of $1.1 billion of the company’s common stock.

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The repurchase program will be replacing an existing three-year program.

Maura has said that the new “program underscores [the company’s] confidence in the business and long-term outlook.”

Currently, Spectrum Brands share value fell more than 20% on Thursday and has already reached a low of $60.13 and a new 52-week low.

Compared with the company’s $94.23 closing value on Thursday this is a significant decline in the stock.

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