Just Group PLC (LON:JUST) shares slid on Monday as it announced chief financial officer Simon Thomas is stepping down at the end of October after 12 years in the role.
The financial services firm said David Richardson, deputy chief executive and managing director of the UK division, has been appointed as interim CFO.
READ: Just Group defers dividend due to threat from proposed lifetime mortgages rule changes though first-half profits jump
Richardson was CFO of Partnership Assurance Group PLC for three years until April 2016.
Just Group said the search for a permanent CFO is underway.
"I would like to add my personal thanks to Simon for the great support he has given me and the valuable contribution he has made to the business over the past 12 years, while we have worked together to build the company,” chief executive Rodney Cook said.
In early September, the company said it would delay issuing an interim dividend due to the threat to its finances from proposed changes around lifetime mortgages even though first-half profits jumped.
Rules put out for consultation in July by the UK’s Prudential Regulation Authority would require the FTSE 250-listed firm and its rivals to set aside more capital to protect against the risks posed by lifetime - or equity release - mortgages, which enable home-owners to borrow against the value of their property, a loan which is paid back when they die.
Just Group said it would defer dividends until it had a better clarity on its capital position under the proposed rules.
Shares fell 6.6% to 82.5p in morning trading.