Chief executive David Scott, as well as John Brodie, Martin Carsky, James Juntilla and Robert Fischer, all resigned from the board.
Doug Lucky will replace Mr. Scott at the helm, taking over both the positions of CEO and, for the interim, chief financial officer. Former CFO Shawn Sutton resigned from PSP on Aug. 25.
Daniel Marks was appointed executive chairman and will be joined by new directors Terry Vaudry and Fraser Campbell.
PSP, a soft-armour maker, is currently operating under a forbearance after selling off the helmet liner assets of its headborne system in August to raise much-needed cash for its operations. The firm's financial results in May showed a net loss of $87,000 compared with a $418,000 profit in Q3 2009.
Revision Eyewear Inc. bought the headborne assets for $275,000, a substantial downshift from an initial June offer of $1.275 million that included buying the entire system and outstanding shares of PSP for $0.18 each. The June offer was rejected by shareholders.
PSP also closed a $1-million private placement in August through "non-insiders" and current investor Stonehouse Management Capital Ltd.
Janet Mason, who was appointed president after Mr. Scott's retirement was announced in June, will continue in her position.
In a statement, the company said Mr. Lucky "is an executive with extensive restructuring and corporate finance experience," which includes executing the restructuring of MTI Global Inc. (now Zuni Holdings Inc.). He also held a position at Ernst & Young LLP in corporate finance and restructuring, among other jobs.
Mr. Vaudry founded and was CEO of transportation and brokerage firm North American Logistics Services Inc., while Mr. Campbell is a partner and director of a private equity company called First Growth Management.
PSP has been fighting through financial trouble since leaving its West Coast birthplace to move to Ottawa and keep a better eye on its competitors.