Andrew Gale, the chief executive of Count Financial, the Australian wealth management firm, has resigned in the midst of the firm's takeover by a rival. 

Gale, who was appointed CEO and managing director in early 2010, will be replaced by David Lane, general manager for strategic development and wealth management at Commonwealth Bank of Australia, the company said in a statement. 

CBA had recently gained approval from Count Financial shareholders for its A$373 million acquisition f the company, and announced the merger in August. Lane joined CBA in March 2010 and before that served as chief operating officer of Neuberger Berman's hedge fund business.

It is not known where Gale proceeds following his resignation. His departure comes amid an overhaul of the firm's senior ranks ahead of the merger. Last week saw the resignation of two members of the ten-person board of directors Alden Halse and Andew Gebbe, to be replaced by Marianne Perkovic, from Colonial First State, as reported here.