Despite having no role in day-to-day board meetings, ex-chief executive and chairman, Bedson will continue working for the group in a consultative role. "I will be concentrating on new acquisitions and advising the board," he said.

The resignations of Tony Austin, Richard Heron, Peter Barber, John Flavell and John Jeremy follow the takeover offer by Icelandic investor Dagsbrn, which was declared unconditional on 9 May.

The departing staff will be replaced by Dagsbrn chief executive Gunnar Smri Egilson, deputy chief executive and finance director Vidar Thorkelsson, and Thordis Sigurdardottir, director of Baugur Group, which holds a 24.9% stake in Dagsbrn. All three will join the Wyndeham executive board with immediate effect.

Austin will now concentrate on his role as chairman of the Wyndeham pre-press division, while ex-Wyndeham Heron managing director Richard Heron has retired.

Non-executive directors Barber, Flavell and Jeremy will no longer have roles at the company.

"The changes are what we expected," said Wyndeham chief executive Paul Utting. "We are no longer a public company and, with the different ownership, the Wyndeham board will be run differently."