LibertyOne chairman Nick Whitlam has become the fourth director to depart the beleaguered Internet company in recent weeks.
The announcement of his resignation was included in shareholder information about LibertyOne's extraordinary general meeting in December.
Whitlam will remain chairman until mid December, before following in the footsteps of former board directors Denis Clearly, Mark Hauser, David Milman and Marcelle Anderson.
The sentiment leaking from within the company is that having secured the deal with iReality, LibertyOne's new direction was not in line with Whitlam's interests and he "felt it was time to move on".
"It's been a fairly horrendous year for LibertyOne but it's on a new path," said Peter Hanson, LibertyOne company secretary. "It's only to be expected that people will leave."
Hanson denied that Whitlam's resignation would further undermine confidence in the company, saying that iReality had invested heavily to refocus the business.
However, as chairman Whitlam has been steering the board for the last 12 months and his resignation will leave it wanting for leadership, an opening Hanson believes will be filled by iReality.
After December Kerri-Ann Kennerley will be the only remaining independent director, a position Hanson says she has no intention of relinquishing in the near future. She sits on the board with Matthew Burlage, Ravi Saraghy and Tom Britt.