Firstfolio chairman Eric Dodd hasn't wasted any time putting his stamp on the mortgage company. Dodd was appointed chairman at the beginning of April and just last week signalled a change in direction for the business by asking for the resignation of chief executive Mark Forsyth.Under Forsyth's leadership, the company went on an aggressive acquisition program. It doubled its asset size over about three years by buying a string of boutique finance companies, brokers and mortgage managers.Its portfolio reached A$20 billion last year and Forsyth said he was targeting assets of $30 billion.But the company had trouble coping with all the merger activity. In 2010/11 it reported a 39 per cent blow-out in expenses, which cut pre-tax profit from the $4.5 million reported in 2009/10 to $3.4 million.Its most controversial acquisition was boutique lender Calibre Financial Services. It announced that it paid $13 million (subsequent reporting suggested the amount was higher) for a company with no ongoing business and a projected EBITDA of $3 million.Firstfolio's profit for the December 2011 half-year fell to $393,000. Under the board's new strategy, acquisition is off the agenda. The company will focus on consolidating its acquisitions and working on its costs.Forsyth's departure was announced on Friday. The board has appointed Mark Flack as acting CEO while it conducts a search.