The Windsor-Essex Economic Development Corporation is currently without a leader after sources tell CBC News the CEO was forced out.

An executive panel is now running the development corporation because CEO Ron Gaudet left, a move CBC News reported was coming in October.

Officials said he left "to pursue other career opportunities."

But sources tell CBC a financial agreement has been worked out that's expected to stop any threat of a lawsuit as Gaudet is ushered out.

CBC News asked Joseph Byrne, the chairman of the board, about Gaudet's departure.

"I can't comment on that," said Byrne.

However, Byrne does not expect Gaudet's departure will have a negative impact on the city or the corporation.

"If our organization were scrambling, it may, but that is absolutely not where we are. We have a very strong management team," said Byrne.

Byrne expects a new CEO to be named sometime in the new year.

Back in 2009 many had high hopes for Gaudet as he began his journey as CEO.

Part of the attraction of coming to Windsor "quite frankly is the challenge," he said in 2009.

The previous CEO, Matt Fischer, was abruptly fired from his post in April 2008. His replacement, Remo Mancini, resigned in February after criticism that his own company was earning $1,200 a day from the commission for consulting work.