Australian Ethical executive directors James Thier and Howard Pender have resigned from their roles with the listed ethical fund manager.
Pender, who was a member of the finance and investment committees of Australian Ethical, would stay on as a non-executive director of Australian Ethical Investment, but would relinquish his duties as an executive director by the end of the month, a spokesperson for the firm said.
Thier, who was also a director of Australian Ethical Investment, was a member of the investment and compliance committee. He also functioned as the firm's business development manager.
The firm has not announced any replacements for the two executives.
Australian Ethical sent out a profit warning last Friday, stating that instead of a 50 per cent higher profit than the $1 million for the 2010 financial year, the firm expected to see a 27 per cent higher profit due to termination payments.
In the 2010 financial year, Australian Ethical reported $230,000 in termination payments due to the departure of chief executive Anne O'Donnell.
