Money Portal (TMP) co-founder Richard Craven and managing director Chris Edge are to leave the multi-channel distribution group.
The departures come as the group moves away from a growth strategy based on acquisitions, spear- headed by Craven and Edge, to bedding down the business.
Craven stepped down as CEO of Money Portal in September 2008 to be replaced by St James's Place chief executive Mark Lund.
TMP said the move would allow Craven, who became executive vice chairman, to shift his focus away from day to day activities and concentrate instead on "a number of important long term strategic initiatives".
However, TMP described Craven as either "full-on or full-off" and the half way house of coming in one day a week did not satisfy him. He is currently involved in non-industry projects but will remain a significant shareholder in TMP.
Lund says the departures would not come as a surprise to Money Portal's advisers and employees: " This has been planned for quite a long time. Richard hired me at the back end of September last year and he and I have been working on a smooth hand over."
Alan Easter, Money Portal head of group product and business development, says the roles of Craven and Edge, who was the deal maker behind the acquisitions of Millfield and Sage, had changed as the company was forced to alter its strategy in difficult trading conditions.
"We are not looking for acquisitions at the moment but that is not to say we wouldn't take an opportunity if it arose.
"In the current trading conditions, we do not want to take risks with shareholders' capital and the existing business.
"The next stage is to bed down what we have and take the business ahead organically."
Edge's MD role will merge into Lund's CEO position whilst Craven's non exec responsibilities will be split between members of the board.
TMP comprises national networks Burns Anderson and Sage, national IFA Bates Investment Services and execution-only brokerage Willis Owen.IFAonline
Caring for children and elderly relatives
Similar to June 2007
Square Mile’s series of informal interviews
Fine reduced to £60,000
Two roles created