ALLCO Finance Group executive chairman David Coe has resigned from the company's board, along with executive directors Gordon Fell and David Turnbull.
The resignations are effective immediately.
"The resignation of three executive directors from the board means that the board now has a majority of independent non-executive directors,'' Allco said in a statement to the stock exchange this morning.
The Board will seek to appoint a new independent chairman but in meantime independent director and deputy chairman Bob Mansfield will chair its meetings.
"Today's announcement continues the implementation of a new corporate governance regime within Allco," the company said.
It pointed back to the April 2007 appointment of David Clarke as chief executive.
"Mr Coe's role in the group changed at that time to one of developing a global strategy for AFG, as well as continuing his strong focus on deal origination," Allco said.
Mr Coe will remain "involved" with AFG, working on strategy and origination.
"I will remain an executive of AFG, and assist the company in the implementation of its restructuring program," Mr Coe said.
coe gone
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