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

The departing staff will be replaced by Dagsbrn chief executive Gunnar Smri Egilson and deputy chief executive, finance director Vidar Thorkelsson and Thordis Jona Sigurdard, chairman 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 (reported last week), while ex-Wyndeham Heron managing director Richard Heron has retired.

Non-executive directors Barber, Flavell and Jeremy will no longer continue to have any role at the company.

The changes are completely along the lines of 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. It will be great to have the new directors so close to the business.

Dagsbrn expects to de-list Wyndeham by 8 June.