Barnicoat, previously chief executive of Endemol UK, leaves with a £2.6m severance payout and a pension contribution of £191,000.
His responsibilities will be handled by the other members of the 'Big Brother' producer's management board until further notice.
Endemol's majority shareholder, Spanish telecommunications company Telefonica, is currently running an auction for the company and is expected to conclude a sale by the end of March.
Likely bidders include the company's founder John de Mol, who has built up a 5% stake, and managing director of Endemol France Stephane Courbit.
The sale is expected to fetch more than £1bn.
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