Terry Chapman has been replaced as chief executive officer of financial technology consultancy the Terence Chapman Group by Andrew Jurczynski.
Chapman will become a non-executive director of the company he founded fifteen years ago.
The group has struggled since flotation to grow the business and has been hard hit by the recent downturn in spending at financial institutions.
In a statement, Chapman says: "I feel that this leadership transition is now the right way forward both for myself and for the company."
Jurczynski joined McKinsey & Company in Toronto in 1981 and was appointed a partner of the firm in 1987. In 1992 he co-founded A.T.Kearney’s Financial Services Practice in London before leaving, in 1994, to establish the Mitchell Madison Group UK, a strategy consultancy specialising in financial services. Following the sale of Mitchell Madison to USWeb in 1999 he was appointed managing director of MarchFIRST UK, a professional services business which went into administration earlier this year.