May 21, 2015 2 min read

NEW YORK – Lumber Liquidators CEO Robert Lynch abruptly quit the company that is embroiled in an investigation over products imported from China.

Shares tumbled 15 percent in morning trading Thursday.

The company said Lynch resigned “unexpectedly” and declined to provide more details when asked by Associated Press.

Earlier this month, the company said it suspended the sale of all laminate flooring made in China after disclosing the Justice Department is seeking criminal charges against it. At the time, Lumber Liquidators said it decided to suspend the sales while a board committee completes a review of its sourcing compliance program.

The CBS news show “60 Minutes” first reported in March the Chinese-made laminate flooring contained high levels of the carcinogen formaldehyde.

Lumber Liquidators sent thousands of free air testing kits to customers since early March. It said more than 97 percent of the kits from customers with laminate flooring from China showed formaldehyde air concentrations that fell within World Health Organization guidelines.

The company said it stopped buying Chinese laminate flooring for now, opting instead for products from parts of Europe and North America.

Lynch, who also was president and a director, was in the CEO position since January 2012, according to CapitalIQ.

Lumber Liquidators Holdings Inc. said its founder, Thomas Sullivan, will take over as acting CEO while the Toano, Va.-based company searches for a replacement.

The company also announced lead independent director John Presley was named nonexecutive chairman.