The company said he would continue in the role until a replacement was found.

Flanagan said he needed a break after a tumultuous year, in which Atlas restructured its debt.

He’d been chairman but was reappointed as MD last year as Atlas fought for survival.

“I have no doubt that the company is now ideally positioned to take full advantage of the opportunities which will stem from having a markedly lower cost base and a more robust balance sheet,” he said.

It comes after lenders and new controlling shareholders installed Eugene I Davis as the new Atlas chairman, replacing Cheryl Edwardes.

It is unclear if Flanagan was forced out by the new shareholders.

In April, when the debt deal went through, Flanagan said he would remain as MD of the company.

At the time, he said the lenders agreed to the deal on the basis the management team was retained and the strategy continue to be implemented.

“Being the managing director of a company where you’re constantly playing from a position of defensiveness and often weakness, means that you sort of have to find ways to negotiate and points of leverage, which is very difficult, it is,” Flanagan said at the time.

“Just yesterday, with our management team, we started to see opportunities in our business post-this, which were new and present opportunities to be on the offensive and grow in a balanced way – and that’s intoxicating.

“That’s why I do it and I love doing it and I’m excited to find out what we can do and working with the board to deliver on that.”

Atlas shares are currently sitting at just A0.9c after hitting an all-time low of 0.8c on Friday.