Macmahon Holdings chief executive Ross Carroll has resigned from the troubled mining contractor after two years in the job.
It has been a tumultuous period for Macmahon and the mining services sector, with work drying up as the mining boom has ended and miners take work in-house and cut costs.
No reason was given for Mr Carroll's departure, which was immediately effective.
Late last year, Perth-based Macmahon downgraded revenue expectations for 2014/15 by $150 million - from $750 million to $1 billion to $750-$850 million.
That was due to a dispute in Mongolia in which Macmahon says it is owed $US30 million for work at a coal project by state-owned company Erdenese Tavan Tolgoi.
That dispute could cost far more, with the total value of Macmahon's contract - with a joint venture partner - more than $US500 million ($A617.97 million).
The company is also facing a possible class action from investors dating back to 2012, who said it did not disclose details about losses on a rail project for Rio Tinto in the Pilbara.
The company's chairman Jim Walker will act as executive chairman until a replacement for Mr Carroll is found.
Macmahon said there would be no change to Mr Walker's remuneration and it would not replace departing director Barry Cusack - who also resigned on Thursday - to save costs.
"The board is committed to implementing cost saving measures across the business as the company navigates the current suppressed market for mining services," Mr Walker said.
Macmahon's shares were at record lows at 6.2 cents on Thursday, having traded above 72 cents in March 2012.
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