Plan B Group has announced the resignation of its chairman and two directors as part of a reorganisation initiative that follows its takeover by IOOF Holdings in July. 

Chairman Bryan Taylor, executive director Cragi Lubich and independent director David de Burgh have left the firm. Since the acquisition by IOOF, the resulting entity has had no need for a chief executive for Plan B, resulting in the departure of Andrew Black in 28 September.

Following these latest resignations, Christopher Kelaher, managing director for IOOF, and David Coulter, chief financial officer for IOOF, have joined the company's board. All management staff remaining from Plan B will now report to IOOF.

The takeover has yet to be made official, but as of 14 September IOOF has reached an 86 per cent shareholder acceptance, from 58 per cent on 5 September. The acquisition is subject to a 90 per cent shareholder acceptance.