Sherwood International's managing director of insurance markets David Edwards is set to leave the company. It is understood Edwards will leave imminently.
His departure follows high-level discussions on Monday. A replacement is due to be announced next week.
Since Mike Shinya was appointed chief executive officer in September 2001, the London-listed insurance software company has witnessed a series of board changes.
Earlier this month Martyn Lambert became chief marketing officer. He was formerly responsible for Europe, Middle East and Africa operations at US-based solutions and services company Cygent.
Further senior staff changes were made last week with the resignation of chief financial officer Richard Brooman. Brooman will continue working in an advisory and consulting role over the next few months.
Mark Williams, who has held senior finance appointments in the UK, continental Europe and the US and was formerly finance director for Boston-based Converge Inc, was appointed as his immediate replacement.
Market sources have revealed Sherwood is now in talks with another high-profile figure to replace Edwards. The candidate is thought to have international experience, but is not reported to be from a rival company. It is hoped he will sign his contract in the next week.
Sherwood is now said to be looking for executive staff with overseas experience, particularly in the north US and European markets.
Sherwood was founded in 1970 and has more than 400 specialist insurance consultants and technical experts in the UK, the US, France and Germany.
Sherwood also offers outsourced business and application management skills to the insurance industry and to central government. It covers application and facilities management, third party administration, managed network and enterprise services.