Tenet says it will appoint a new chief executive before the end of the year but has ruled out interim chief executive Martin Greenwood, who has not applied for the role.
Former chief executive Simon Hudson founded Tenet Group in 1992 but quit in August, saying he would have had to remain at the firm for a further five years to oversee implementation of the RDR.
Former DBS Management chief executive Greenwood was appointed as his temporary replacement.
Group distribution and development director Keith Richards says: “The process to select a new chief executive is nearing conclusion and we anticipate an announcement will be made before the year-end. Martin has not put himself forward for the position.”
In February, Tenet announced losses of £1.6m for the year to September 30, 2010, following a £1m loss the previous year.
In October, Tenet group operations director Mike McGaughrin left the firm as part of a restructure. He will not be replaced.
Syndaxi Chartered Financial Planners managing director Robert Reid says: “Tenet needs someone with a sales background to come in. It will definitely need to be an external appointment because nobody internally fits the bill.”