Investorfirst has undergone an executive reshuffle following the departure of its chief executive Brett Spork.
Earlier this month, the listed financial services firm informed the market of Spork's decision to leave the group for personal reasons.
As Spork's exit comes less than 12 months after taking up the executive post, he forfeits 3.5 million partly-paid shares approved by the company's shareholders at last year's annual general meeting, a company statement said.
He will instead receive a cash payment of $70,000 from the company, it said.
In Spork's absence, Investorfirst chairman Otto Buttula will return to the position as chief executive.
"With in excess of 20 years of stockbroking experience, Brett has been a valuable contributor to the company's ongoing strategic development," Buttula said.
There will be no change to the previously disclosed terms of remuneration for Buttula as a consequence of this role change, the statement said.
Buttula left the company's chief executive role for the position of chairman in August 2009.
