Man Group president Jonathan Sorrell is set to leave the firm after eight years with immediate effect to take on a new role outside the business.
According to Sky News, the president, who has risen through the ranks at Man Group having started as its chief financial officer, is joining a rival asset manager in a senior role.
The move comes after The Times reported that the group's chairman Lord Livingston of Parkhead would potential step down as a result of tensions with chief executive Luke Ellis.
However, according to Sky News, Sorrell's departure is unconnected to any other potential boardroom changes.
Though Sorrell steps down from his role as president with immediate effect, he will remain with the company for the time needed to facilitate an "orderly transition" of his responsibilities, the group said.
Ellis commented: "Jon has contributed hugely to the firm over the past eight years, first as CFO and then as president.
"Among his many achievements, Jon was instrumental in managing the firm's cost base during particularly challenging times for the business, helping to create the strong, resilient firm we have today.
"More recently, as president, he has championed our important move into private markets and helped establish a strategic vision and first-class distribution platform with our sales team, creating foundations that will stand us in good stead for years to come.
"We wish Jon all the best in his new role."