The board shake-up is part of a deal with shareholders, bankers and the government in order to pave the way for the company to secure a $100m loan.
The money is needed to pay for work on a new project and help turn the company around from the brink of collapse.
The new board is expected to be announced as soon as the end of today.
Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast
Accountants should alter their perspective on auto-enrolment to maximise business opportunities, according to Eric Clapton.
Kevin Reed discusses whether new accountancy group Cogital can rival the Big Four...and its likely direction of travel