Steve Wood, who joined Paymentshield as CEO in March 2015, is to leave the business.
He will remain with the group for the next few months, and Kay Martin will take executive responsibility for Paymentshield with immediate effect in addition to her role as commercial director of its parent, Towergate.
Rob Evans, chief financial officer (CFO) of Paymentshield since January 2015, is leading the business on a day to day basis in Southport.
David Ross, CEO of Towergate, said: “Steve and his team have done an amazing job in his time at Paymentshield, stabilising the business amidst disruptive speculation throughout 2015 following a difficult trading period for the wider group.
“He has led the initiative to secure new carrier relations, reenergised the workforce and reconnected customers with a much loved brand, re-establishing a market leading position. He leaves with our very best wishes and thanks for the work he has done.
“As we look to 2017 and the next phase of our transformation plan, we have taken the opportunity to review and consolidate our executive structure. Steve and his team have primed Paymentshield so that it is fit for future growth; now is the perfect time to bring the business closer to the centre and benefit from leverage across products and people.”