new chief executive officer.

The company, a provider of electronic payment processing solutions, has removed Harold Hutton from his position as president and CEO.

Mr. Hutton has resumed his post as president of international strategy and corporate development and remains on the firm's board of directors.

Chairman of the board, Gregory Pek, will serve as president until a replacement is found. Mr. Pek and First Ecom's chief operationg officer Ravi Daswani, will be responsible for the day to day operations.

Mr. Pek also heads the board committee in search of a new president and CEO.