DBS Network chief executive and managing director Tony Kempster is leaving the network in a shock departure to be replaced by Assureweb boss David Stewart.
The news of Kempster's resignation has rocked the network, with members showing their concern.
DBS has offered no explanation for Kempster's resignation and Kempster was unable to comment on his reasons for leaving.
Prior to joining DBS two and half years ago, Kempster was head of the Prudential's IFA division.
Joint group chief executive Stewart will head the network with immediate effect. Compliance director Alan Taylor becomes managing director.
Kempster's resignation was announced alongside DBS's interim results to the end of September showing a £0.5m loss compared with a £3.4m profit last year. DBS says a £4.6m investment in its IFA portal Assureweb is responsible for the loss.
DBS chairman Ken Davy says: “During his time with DBS, Tony has made a significant contribution to the network. I would like to thank him for his commitment over the past two and half years.”
DBS member Interface Financial Planning director Alan Moran says: “Tony has done a lot of good for morale among members and has got a lot of respect. I hope we are not going to go back to being run by accountants instead of human beings.”