What happened

Shares of business-analytics software maker MicroStrategy (NASDAQ:MSTR) were down 10.5% as of 2:45 p.m. today, apparently in reaction to a Securities and Exchange Commission filing by the company.

This morning, MicroStrategy notified the SEC that on July 1, its senior executive vice president for worldwide sales Kevin Norlin and its senior executive vice president for worldwide services Stephen H. Holdridge -- both members of the company's seven-member executive team  -- resigned from the company.

Businessman carrying a box and leaving office

Image source: Getty Images.

So what

No further information on the resignations or the executives' reasons for resigning was provided, but investors seem to be assuming the worst.

MicroStrategy did note that Phong Le, the company's COO and CFO, will be filling the gap left by the two departing executives by taking over both their duties -- as well as remaining COO. Because one man can only wear so many hats, MicroStrategy will be seeking a new CFO.

Now what

This isn't a great time for MicroStrategy to be stuck without a CFO. Sales are falling, and there was a loss last quarter. In February, the company warned that it has discovered "material weaknesses in our internal controls." It added that it is "implementing remedial measures," and that "management may need to devote significant resources to improving internal controls."

No wonder investors are nervous.