Gains, who has been absent from the network since November 26, is currently on gardening leave and his employment will terminate in February 2011.
In an email sent to Mint employees and advisers from chairman George Higginson on Tuesday, seen by Money Marketing, Higginson says: “We took the decision to terminate his employment after various discussions between the Mint board of directors.
“We recognised that we, the members of the Mint board of directors, could not continue to work with Paul to promote the interests of Mint in the future. We therefore decided that it was in the best interests of the business for Paul’s employment to terminate upon the expiry of his current contract in February 2011, and that in the meantime he will remain on gardening leave.”
Higginson has now been appointed executive chairman, and operations director Steve Atwell will continue to manage Mint and be the main point of contact.