Investment company One51 has ended Philip Lynch's contract as Chief Executive with immediate effect.
Chief Financial Officer and executive director Alan Walsh has been appointed interim chief executive.
The company, a spin-off from the Irish Agricultural Wholesale Society (IAWS), recently announced an agreement for €200m refinancing with six banks.
The banks involved in the deal are AIB, Bank of Ireland, Bank of Scotland, KBC Bank, Rabobank and Ulster Bank.
One51 share price has plummeted from €5 in 2007 to around €0.90 today.
In a statement, Mr Lynch said he was very disappointed that his contract was terminated, and he had hoped to stay on to insure a smooth transition to a new chief executive was made.
He also said he wished to have stayed on so he could implement a recent plan which was adopted last month and agreed by the banks involved in the refinancing.
'It is a source of great regret to me not to be given that opportunity in the best interest of the Company,' he said.
'More so, I am dismayed to see the Company driven into such a vulnerable position, as I feared, in the culmination of the divisive and personalised campaign that has been waged in the last 12 months.
'This campaign has served to destabilise the Company and erode further its perceived value.
'I hope the agreed strategy and programme of work to be done is urgently progressed.
'I did not choose my time to go from this fine Company whose interests I will continue to serve as a shareholder,' he added.
One51 said this evening that it regretted the termination of Mr Lynch's contratc, but insisted that it had been planning change for some time.
In a statement, One51 said its board paid tribute to Mr Lynch and his significant contribution to the development of the company.
One51 employs over 1,000 people in Ireland and the UK, mainly at its ClearCircle environmental division.
