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Hellaby Holdings founding shareholder Hugh Green has stepped down from the board saying he is "getting older" and wants to spend more time on his farming investments.
Former chief executive David Houldsworth is also stepping down and replacements are being sought to bring "new experience" to the company with its mix of industrial and retail businesses.
Green joined the board in 1993 when Hellaby Holdings was formed out of the former Renouf Corporation.
Hugh Green Investments interests, through Castle Investments, remains the largest single shareholder with 30.6 per cent of the shares of the company, which has a market capitalisation of $135.5 million based on yesterday's closing price of $2.71 per share.
In the year to June 30, the company recorded its first ever operating deficit of $4.7 million due to an $18.8 million write-off of its troubled BBQ Factory .
In an address to Hellaby's annual meeting yesterday, chairman Bill Falconer described the outcome - which led to a review of the company and coincided with the appointment of a new chief executive - as Hellaby's "annus horribilis".
Chartered accountant Bob Carter will remain a Hugh Green Investments representative on the Hellaby board.
Green said the company had one year to decide whether it wanted to resume having two on the board.
Falconer said that the resignation of Green and Houldsworth would enable Hellaby to seek "new blood with new experience on the board".
This year's losses sullied Hellaby's solid performance.
Falconer said a review of the assets found there were no buyers prepared to meet expectations for the firms and shareholders were best served by selling them. But he yesterday confirmed that while it had not opted to sell retail assets, it would consider offers.
Falconer reiterated the company approach under new CEO John Williamson including new management and reshaping of the BBQ Factory while retaining footwear company Hannahs and No 1 Shoes.
It was looking for investments complimentary to its industrial companies including its new packaging arm.
Williamson - who had been on the board of the company - has been charged with a more hands-on role in managing investments.
He said yesterday first quarter results were good and the company was on track to achieve earnings before interest tax depreciation amortisation and one-offs of around $45 million - similar to its performance in 2006.
