VeriFone (NYSE:PAY) is to lose its chief executive. Douglas Bergeron will step down from the CEO position effective March 12. The company named Chairman Richard McGinn interim CEO until a replacement is found. It has formed a search committee to screen candidates for the position.

VeriFone didn't specify the reasons for Bergeron's departure, but it comes shortly after the company announced that key Q1 and Q2 results would come in substantially below expectations. Its shares plunged by nearly one-third after that announcement was made.

Bergeron had led the company since 2001. McGinn has been a director since 2008 and became board chairman last year.