Catapult, the company behind the GPS-based performance tracking device used by Australia's top NRL and AFL teams, is in turmoil after revealing its chief executive Joe Powell resigned one week after the company pulled back on its underperforming mass market business.

“The board and Mr Powell agreed that now is the right time for a new CEO to lead Catapult through its next phase of growth,” the company said in a statement to the ASX. Catapult’s chief financial officer resigned in December and is due to leave next month.

Shares in the company, which peaked above the $4 in 2016, dropped more than 20 per cent to a low of 61.5¢ after the announcement on Thursday. Shares closed down 23 per cent to 60.5¢.

Catapult makes GPS-based player devices that track and measure the performance of elite athletes. The technology has been widely adopted by AFL teams like the Richmond Tigers and NRL teams, as well as elite sport teams across the globe such as NBA's Dallas Mavericks. The team's high profile owner Mark Cuban is a Catapult investor.