The chief executive of Image Scan Holdings (LON:IGE) was ousted by shareholders at the AIM-listed x-ray specialist’s AGM yesterday.
Louise George was not re-appointed to the board, prompting chairman Brian Emslie and non-executive director and former chief executive Nick Fox to announce their resignations.
It leaves Vince Deery, sales and marketing director, as the sole board member.
George’s ejection from the board comes after more than five years as CEO.
The share price has halved in the past six months as the company swung to a loss in 2013, with its cash pile diminishing.
It ended September with just £428,000 in the bank and investors also voted against the issuing new shares yesterday, which would have been the primary route to raise cash.
The shares tumbled 20% to 2p on the news.