Marlborough Stirling, a provider of IT services to the life, pensions and mortgage industry, has parted company with chief executive Graham Coxell.
The news, which was released to the Stock Exchange on Friday, follows a collapse in the company's share price over the past year from a high of 204.5 pence to a low of 20 pence. In a statement, Marlborough Stirling says Coxell is leaving the company by "mutual consent".
Huw Evans, chairman and founder of the group, will take over Coxell's role until a suitable external candidate is appointed.
Evans says that trading in early 2003 is in line with expectations.