The VoD service was hit by the departure of platform controller John Keeling and commercial director Matt Rennie who quit the company following a meeting on Monday.
The duo helped launched SeeSaw in 2009, when it was owned by Arqiva, which created the platform from the remnants of Project Kangaroo.
The service is being overhauled by its new owner Criterion Capital Partners, which acquired the service in July for more than £10m.
When announcing the deal, Criterion had said former Channel 4 chief executive Michael Jackson would be taking on the role of chairman, however it is understood Jackson has not taken up his role, with reports suggesting this may also have been due to funding not being made available.
The site has recently lost content from Channel 4 and Channel Five due to licenses expiring, but today a spokesperson for Criterion Capital Partners came out fighting and said the company welcomed the departure of the two execs.
"Criterion is pleased to see Matt and John go. We are in the process of hiring a new CEO and some new staff. At the moment all SeeSaw content is being reconfigured but more content will be added."
Criterion refused to say why it was pleased to see the executives leave. However, a source close to the situation said Criterion had been less than impressed with either.
Rennie and Keeling were unavailable for comment but it has been reported they left the company due to lack of promised investment. A cash investment into the ailing company was apparently due to come from an investor by 1 September but is understood not to have materialised.
Criterion acquired SeeSaw in July following Arqiva’s decision to pull the plug on the online service.
More than 20 staff still remain at SeeSaw, which is expected to announce a new chief executive and content in the next coming weeks. Rennie and Keeling’s jobs are likely to be made redundant.