Postponement of stock market listing blamed for deputy chairman's departure.

See also: Towergate reports record profits

Patrick Snowball is to step down as deputy chairman of Towergate, just one year after he joined from company from Aviva.

In a statement the company said that Snowball will remain Chairman of Towergate Financial Services (“TFS”), the division set up to consolidate the independent financial adviser market, where he will also retain a shareholding.

According to The Sunday Times, Snowball decided to leave Towergate’s board following the company's decision to postpone its floatation on the stock market. He is understood to be looking to take up a senior position at a listed company. His departure is believed to be amicable.

Snowball joined Towergate in May to lead the company’s plan to float by 2010. According to the report, however, Towergate executive chairman Peter Cullum now expects a public listing within a three-to-four year period.

Towergate said that Snowball remained firmly committed to building the group's IFA business, and was looking to appoint a chief executive to lead the growth of the company.

Cullum said: “Patrick has done a great job in establishing and developing the TFS business, which is now up and running. I look forward to continuing to work with him on TFS, and entirely understand his reasons for wanting to pursue a broader range of interests.”

Snowball said: “The plan when I joined was to build a financial services business and to help lead Towergate towards and beyond an IPO which, due to prevailing market conditions has inevitably been delayed. I am delighted to continue as Chairman of TFS which allows me the flexibility to pursue other non Towergate related interests.

"I am thoroughly enjoying working alongside Peter and, as Chairman and shareholder of TFS, I am committed to ensuring that this will be a great success”.