Professor Parsloe has been chairman of NBT since 1999
The chair of a health trust which is £44.3m in debt has resigned.
Professor Phyllida Parsloe announced she was quitting the job as chair of North Bristol NHS Trust (NBT) after disclosure of deficits at the trust's two hospitals.
On Tuesday, she said she was resigning because, as chairman, she was ultimately accountable for the overspend.
An investigation by the local Strategic Health Authority into the debts is expected within a month.
Professor Parsloe said: "North Bristol NHS Trust has not lived up to the appropriate requirements of a public service body,"
"We have failed both to achieve a break-even year end financial position and to predict the extremely serious deficit we have now announced."
The Trust's recently-appointed chief executive, Sonia Mills, said: "I understand and respect the sentiments that Professor Parsloe has expressed today which have lead to her resignation.
"She has undertaken this role with tremendous integrity which is consistent with her actions today."
Anthea Millett, chair of the Avon, Gloucestershire and Wiltshire Strategic Health Authority, added: "'Professor Parsloe has given long service to the NHS and we are very grateful for the work she has done over several years.
''As chairman, she considered that she carried overall responsibility for the performance of the organisation and I respect her decision to resign."
Professor Parsloe had been chairman of NBT since it was formed from the merger of the two previous Frenchay and Southmead trusts in 1999.
She was previously the chair of the former Frenchay Healthcare NHS Trust.