Oil and gas producer Angus Energy said chief executive Paul Vonk had stood down as the company conceded to the demands of some shareholders for board changes.
George Lucan had been appointed as interim chief executive while a permanent replacement was sought.
Angus said it was also looking to appoint a new chairman, at which point acting chairman Cameron Buchanan would resume his role as a non-executive director.
'Following the shareholder requisition announced on 9 January, the board has spent considerable time evaluating its options and believes that the changes announced today are in the best interests of shareholders as a whole,' Buchanan said.
'We thank Paul for his leadership and important contributions to the company since its IPO on AIM in 2016 and wish him well for the future.'
At 2:42pm: (LON:ANGS) Angus Energy Plc share price was -1p at 7.25p