Tax-focused wealth manager Blucora president and CEO John Clendening has decided to call it quits.
The resignation was due to disagreements on Clendening’s scope of authority.
At the same time, Blucora stressed that the move is not linked to its business performance or internal controls.
The firm further revealed that its financial position is strong.
Blucora expects to unveil the name of Clendening’s successor by the end of this month.
Meanwhile, the firm has set up an interim Office of the CEO to spearhead the firm.
This includes executive leadership team members Enrique Vasquez, Curtis Campbell, Todd Mackay and Ann Bruder, who will report to an Oversight Committee of the board of directors.
Vasquez will remain in charge of the wealth management operations while Campbell will manage the TaxAct unit.
Mackay will offer support in finalising the purchase of HK Financial Services (HKFS), announced last week. Mackay will also manage the operational improvements of Avantax Wealth Management.
Bruder will be responsible for managing certain administrative and staff functions.
Blucora board chairman Georganne Proctor said: “By establishing the Office of the CEO, along with Board oversight, our already strong leadership teams will have the executive and Board guidance and support needed to continue to run our businesses effectively and execute our strategic priorities prior to the new CEO joining Blucora.”
The departure of Clendening comes shortly after the resignation of the firm’s CFO Davinder Athwal.