Times are not very good for the German fashion house. After announcing that Hugo Boss AG will experience a profit decline of at least 10 percent, it’s stocks took a big hit. Hugo Boss has put the blame for the plunge on weaker-than-expected sales in the United States and Chinese markets.

The shares fell 20 percent, bringing their worth to 55.55 Euro (or $61.39 for the given exchange rate), their lowest levels in five years. In response to this, Hugo Boss Chief Executive Claus-Dietrich Lahrs is leaving his position, one he performed for eight years.

At the moment Hugo Boss will have the responsibilities of Lahrs filled by other board members until a suitable replacement is found. The company will have more in depth financials available on March 10, look back for more information when that becomes available.