The departing chairwoman of embattled pathology company Healius says the board understands the frustration of shareholders after $2 billion was wiped from the sharemarket value in two years, but declined to apologise for it.

Jenny Macdonald stepped down from the role at the end of the group’s annual meeting on Tuesday after failing to gain the backing of enough proxy votes for her re-election, and was peppered with questions about the company’s rapid fall from grace.