Helphire's chief executive is to leave next week, six months after taking the helm of the credit hire group.
Mark Adams took over the role in November 2008 following the departure of company founder Mark Jackson.
Adams has been with Helphire since April 2008, when he joined as finance director.
The group's profits have dropped by £18m in the last six months, and it now plans to shed 300 jobs.
Helphire chairman Richard Rose has been appointed as executive chairman and Martin Ward, who currently leads the company’s core accident management business, has joined the board as group managing director.
Helphire has also hired Avril Palmer Baunack, as non-executive director.
Adams will officially step down after Helphire’s general meeting on April 28.
The firm is now planning to raise £50m by selling 151 million new shares at 33 pence each to improve its working capital position.
The new shares are expected to be available to trade from 8am on Wednesday April 29.
A statement said the company’s position has been impacted by a ‘significant deterioration in trading conditions’. However the board at Helphire is expecting the latest round of redundancies will mean it will exceed its original cost cutting target of £5 million.