The Innovation Group is dumping its founder Rob Terry and sending him off with a £437,500 golden handshake.
Terry was once worth more than £300m when his insurance software company was at its peak.
But since the bursting of the dot com bubble, coupled with worries over TiG's accounting practices, the company's value has fallen dramatically.
Its shares peaked at more than 800p in 2000 but this morning were trading at13.25p.
Terry's departure was seen as the price that TiG had to pay for its £9m rights issue in February, when the former chairman and chief executive became a non-executive vice chairman.
He will now leave the board on 30 September, departing with a maximum pay-off of £437,500 in recognition of a consultancy contract.
TiG has also appointed David Thorpe as non-executive director and chairman of its remuneration committee.
