Primus Guaranty has announced the resignation of Duncan Goldie-Morrison from its company's board of directors.

Mr. Goldie-Morrison was officially step down at the end of the month following his recent appointment to the post of CEO at Calyon Americas, one of Primus's counterparties.

Due to the two companies' business relationship, and the substantial time commitment required in his new position, Mr. Goldie-Morrison and the company believed it appropriate for him to resign from the Primus Guaranty board.

"The board and management of Primus join me in thanking Duncan for his contributions as a director," said Thomas Jasper, CEO of Primus Guaranty.

"He joined the board shortly after our initial public offering in 2004 and we have benefited in many ways from his considerable financial markets and management experience. We wish him well in his new position."

Mr. Goldie-Morrison said: "Primus's financial strength, operating flexibility and strong management team position it for continued success in the credit markets.

"It has been my pleasure to serve as a director of the company for the past three years."