Bruce Walton, who has been at the helm of the auctioneering firm for the past 18 years, is pursuing other interests, the company confirmed in a statement.
It is the latest move in the top tier of the company as it battles with multi-million pound debts.
The decision by Mr Walton to leave the firm comes after an annual general meeting, which saw Dalston accountant, David Allen, voted off the board – only to be invited back a few weeks later.
Shareholders voted him off the board in his absence in December.
Chairman, Jonathan Hope, from whose family the firm’s name is taken, also resigned following the meeting.
A statement from the company, issued this week, said: “Bruce Walton left Hopes Auction Company Limited on January 31 to pursue other interests.”
Hopes has debts totalling £6.6m.
But Mr Allen, 50, insisted in a statement last week that Hopes has a firm future, albeit with some “short-term pain”.
Bruce Walton Audited accounts presented at the annual general meeting showed bank loans of £4,894,454 and a £1,778,895 bank overdraft.
Hopes moved to its new multi-million pound auction mart premises along Syke Road about three years ago.
Its old High Street site has been the subject of much rumour and speculation.
This is since Tesco performed a u-turn in late 2014 after earmarking it for a new supermarket.
It is believed interest in the old site has been shown by both another supermarket company and a house building group.
Mr Walton has been unavailable for comment.
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