David Kay, finance director, and Hedley Railton, operations director, were victims of cost-cutting in an attempt to reverse the company's disappointing performance, a spokesman said.
Lionheart said the annual head office saving was pounds 400,000. Cuts in other expenses and in jobs would reduce overheads by pounds 2m.
Mr Kay's responsibilities will be taken over by his deputy, Mark Walker. Michael Tuttle, a non-executive director, is also leaving.
Each director will receive a year's pay. The 1993 accounts show Mr Kay and Mr Railton were paid between pounds 120,000 and pounds 150,000.
Lionheart supplies home improvement retailing outlets such as B&Q, Texas, and Sainsbury's Homebase with a range of products including paint brushes and bathroom accessories.
Costs of the restructuring and results of the poor trading environment will hit profits. Albert E Sharp, the stockbroker, estimates Lionheart will make pounds 500,000 pre- tax profit for the year to December against pounds 1.7m last time.
The shares fell from 8.75p to a five-year low of 7p.Reuse content