Sas du Toit has resigned as director of the Spicer board, and will focus on UK company MIS. Coert Vorster has stepped in as acting chairman.
Spicer, which is currently trading in a closed period, issued a profit warning toward the end of June. It warned that although it would report results stronger than the previous year, it's figures would not meet expectations.
Financial director Danie de Villiers says he can't comment on how long it will take to replace Du Toit, but says the company is working on it.
"Sas saw Spicer through difficult times. The board accepted his decision to leave and now we are focusing on doing what is in the shareholders' interests," says De Villiers.
Although the group returned to profitability in the interim period to December, the group says the full year will still disappoint.
The Spicer counter gained 25%, or 1c, to 5c in early morning trade.
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