Mortgage specialist Firstfolio has lost its second chief executive in four months. The company announced yesterday that David Hancock, who was appointed at the end of June, has left the company.In a statement issued to the Australian Securities Exchange, company secretary Dustine Pang said Hancock had left "after assisting the company with the recent transitional phase."Hancock's role was described as anything but transitional back in June. In the statement that was issued announcing his appointment, the company said: "Mr Hancock was looking forward to delivering a business strategy that would enhance value for all shareholders."Hancock was quoted as saying: "Firstfolio has acquired several assets in recent years and my focus will be to execute on a growth plan that leverages off those assets."Hancock, a former head of institutional equities and debt capital markets at Commonwealth Bank, took over from Mark Forsyth, who was shown the door by chairman Eric Dodd; the latter joined the company in April. Under Forsyth's leadership the company went on an aggressive acquisition program. It doubled its asset size to A$19 billion over about three years by buying a string of boutique finance companies, brokers and mortgage managers.But the company had trouble coping with all this 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.Profit was down 50 per cent for the year to June and the company announced a review of its corporate strategy. Hancock did not stick around long enough to deliver the results of that review.