Laxey Partners and CLS Holdings have instigated changes to the board of AIM-listed Bulgarian Land Developments.
Finance director John Dodwell and independent non-executive director Ita McArdle have resigned.
Former Deloitte partner Andrew Daw will join the board as finance director, working two days a week, and Laxey director James Green joins the board as a non-exec.
Laxey and CLS together own 44% of Bulgarian Land.
The company said earlier this summer that it would start to break itself up in order to return cash to shareholders.