Peng Chen will be replaced by Thomas Idzorek, who currently oversees Morningstar's investment advisory, retirement and investment management operations.
The Project on Government Oversight says it has serious concerns about FINRA's conflicts of interest, lack of transparency and accountability as an SRO.
The move is a punative measure against a Facebook co-founder who has renounced his U.S. citizenship to avoid paying taxes when the company goes public.