The upheaval at platform provider Powerwrap has continued this week.
The company has outlined to investors that current board member Chris Brant will assume the role of managing director of Powerwrap.
That follows the resignation of Cormac Heffernan from the chief executive position this week.
Powerwrap told investors Brant's key focus would be on the company's day-to-day business operations as it forges toward a 2017 ASX listing.
Heffernan will act as a "strategic consultant" to Powerwrap.
According to Powerwrap's website, Brant's previous roles include CEO role of BDO, Australia's sixth largest accounting firm and finance chief at Transurban.
Ken Matthews, former managing director of CIO Advisory, was appointed to Powerwap's board late last month following a tumultuous period for the company.
The men were ousted from the four-person board, after alienating several investors. Director Matthew Driscoll stepped into the interim chairman role.
Earlier this week, Street Talk reported Powerwrap tapped existing investors for almost $5 million to ensure the company maintained regulatory capital and cash flow until it pulls the trigger on a 2017 float.
Powerwrap has $5.3 billion on the platform. The company's management is said to be meeting with customers over the next two weeks to discuss the personnel changes.
