Ajaz Ahmed and Rob Wilmot were two of the original four founders who set up the ISP which transformed the industry by scrapping the monthly subscription fee. Mark Danby has already left the firm, leaving only chief exectuive John Pluthero, the outspoken chief executive, as an original founder.
Last week Freeserve eventually dismissed the idea of one or more of its executives leaving as "nonsense" despite earlier in the day not denying the speculation.
In December Freeserve was acquired by French ISP Wanadoo, creating Europe's second biggest Internet firm. In the UK Freeserve has moved from a per minute access model to a monthly subscription fee for unlimited access. At £12.99 the offer undercuts both BT and AOL, leaving Freeserve still the largest ISP in the UK.