The chairwoman of Qantas Airways, Margaret Jackson, is to resign after the collapse of a A$11bn ($9bn; £4.6bn) takeover bid for the carrier.
The takeover bid collapsed due to lack of shareholder support
Australia's richest man, James Packer, will also step down from the board.
Yet the airline said its chief executive, Geoff Dixon, will remain until at least July 2009, and the rest of the management team will also stay.
The bid from Airline Partners Australia (APA) collapsed after six months due to lack of support from shareholders.
The APA consortium included Australian bank Macquarie Bank and the US private equity firm Texas Pacific Group.
They admitted defeat earlier this month after missing a deadline to secure 50% of acceptances from Qantas shareholders.
The board of Qantas backed the bid and its members have been under pressure from unions and some shareholders to resign over the way they handled it.
Ms Jackson will leave Qantas by the end of this year.