Simon Hudson has stepped down as chief executive of Tenet Group.
Hudson, who founded the firm in 1992, says he took the decision to leave because the commitment needed to implement the retail distribution review would have required him to stay in the role for a further five years.
During his time as chief executive, the company has grown to employ more than 5,000 advisers and 250 staff.
Hudson says: “The implementation of the RDR will open up new opportunities for the company but it would have required me to commit to a further five years as chief executive. In these circumstances, I think it is time for a change.”
He says he intends to stay in the financial services sector.
Tenet has not yet appointed a replacement.
Tenet Group chairman Lord Hodgson says: “Simon is one the people who has helped transform the IFA industry from a series of sole practitioners to a properly regulated profession.
“His enthusiasm and commitment has driven Tenet forward. A search for his successor is already under way.”
In February, Tenet announced losses of £1.6m for the year to September 30, 2010 following a £1m loss in the previous year.
Consillium Financial Planning director Kevin Morgan says: “I am sure that Tenet has a strong team in place to deal with his departure.”