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Kate Kachor is a journalist with InvestorDaily, a Morningstar publication.

The board of Investorfirst (INQ) has begun a strategic review of the company following the sudden departure of chief executive David Spessot.

The listed financial services firm confirmed Spessot's exit from the group in a statement to the Australian Securities Exchange.

"Investorfirst Limited and Mr David Spessot have agreed to his departure as both chief executive officer designate and as a director of the company," the statement said.

Investorfirst had begun a search for a new chief executive officer, with the company's non-executive chairman, Jason Entwistle, to stand in as chief until a replacement was found, the statement said.

Last week, InvestorDaily reported Spessot had left the company.

Meanwhile, Darren Pettiona, the former Investorfirst chief executive and co-founder of the company's Hub24 Investment Platform, has resigned as a company director.

Pettiona will be replaced in the director role by his Hub24 co-founder, Ian Litster.

In March, Pettiona resigned from his post as the company's former chief executive.

In July, Investorfirst chairman Otto Buttula and senior non-executive director Robert Bishop also quit the firm.

In February, Investorfirst announced it had undertaken a strategic review of the company.

The review was conducted by an internal team led by Buttula and Entwistle, the company said in a company report at the time.