Sudden departure: The flight of the Lumber Liquidators CEO

Lumber Liquidators CEO Robert Lynch took the company -- and the industry at large -- by surprise when he suddenly resigned from his post.

The embattled flooring retailer released a statement early Thursday morning announcing that Lynch had "unexpectedly notified the company of his resignation," though there was no further explanation provided.

In the meantime, founder Thomas Sullivan will take over Lynch's responsibilities as acting CEO. The company will be conducting a national search for a replacement.

Additionally, lead independent director John Presley has been named non-executive chairman.

Lumber Liquidators has had its share of troubles in recent months, most notably following a "60 Minutes" episode in March that highlighted the company's alleged sale of Chinese-made laminate flooring containing illegal levels of formaldehyde.

Hounded by criminal charges from the Justice Department, the company eventually suspended the sale of its Chinese-made laminate flooring.

"I am really proud of the LL Team and I look forward to working with them and providing our customers with the best hardwood floors at the best prices as we have since I founded the company over 20 years ago," said Sullivan in the statement.

Shares of Lumber Liquidators dropped more than 15% Thursday morning at press time.