Michael King has resigned as chief executive of embattled asset management group MFS.
Michael King has resigned as chief executive of embattled asset management group MFS.
King left following a slump in the company's share price on January 18 and the withdrawal of a merger offer from the Brisbane-based asset manager City Pacific.
Deputy chief executive Craig White was immediately appointed chief executive following King's departure.
King will not receive a payout as he has voluntarily given up his right to be paid compensation and entitlements under his service agreement.
MFS' share price fell 69 per cent on January 18 and it has lost $2.8 billion in market value since reaching a record high on May 21 last year.
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