Smart Telecom has confirmed that chief executive Oisin Fanning is to step down on health grounds.
The company, which held its AGM today in Dublin, also announced a review of its business plan and operations, in conjunction with NCB Stockbrokers.
Shares in the company dropped by more than 50% to 434p on London's AIM market on the news.
Smart is currently involved in a legal dispute with ComReg over the withdrawal by the regulator of the offer of a 3G mobile licence. Smart's pre-tax losses more than doubled in its last financial year.
Smart's chief operations officer Ciaran Casey will head the review, which is expected ot be finished by the end of the month. Smart said the aim was to 're-configure' the company to focus on profitable and high-growth areas of the telecoms market.
Smart told shareholders it now had 16,500 residential broadband customers, and 160 corporate customers.
