Property fund manager MacarthurCook's managing director Craig Dunstan has resigned from the company and all of its related entities, the company told the Australian Securities Exchange.
The departure of Dunstan comes after the board of MacarthurCook accepted a takeover bid by AIMS Securities earlier this month.
The fund manager had long resisted advances by other companies.
Last year, it rejected a bid by AMP of $1.35 a share, which was a premium to the share price of 80 cents at which it was trading at the time.
The company's share price went into freefall earlier this year and saw a low point of 8 cents in April 2009.
AIMS Securities launched a takeover bid of 30 cents in May this year, which it raised twice. It eventually agreed to pay 43 cents a share on 2 July.
MacarthurCook is disappointed to lose someone with the experience of Dunstan, MacarthurCook chairman Richard Haddock said.
But the company had strong management in place, he added.
"The company is in a strong position to manage and further expand the MacarthurCook platform, particular in Asia with the anticipated role and contribution of AIMS," Haddock said.
