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 expects sales to be down 7-8% for the year, which is the third quarter in a row the company has changed its expectation of its performance.

Kohl's CEO Tom Kingsbury will step down after less than two years at the helm, paving the way for former Walmart executive Ashley Buchanan to take on the role.

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.