Wass, who was president of 44 international offices worldwide, also spent 10% of his time acting as UK chairman, dividing his time between the London and Manchester offices.
Parent TBWA\ refused to comment on the situation or offer a reason for Wass's exit, but did not deny that he had been ousted.
In a statement, TBWA\ said: "We wish Tom much success on his future endeavours and thank him for his contributions."
The network has named Rod Wright, director of development at TBWA\, as the interim chief executive officer of Tequila while a search for a successor is conducted over the next few months.
It is understood that the replacement will be based in the US and like Wass, they are also likely to spend a small percentage of time chairing the UK office.
Wass is one of a number of senior people to recently depart the agency. In January, creative director Sean Moore left.
Wass moved to agency life in 1987 following a varied career involving spells in retail management and FMCG sales and marketing. In 1992, he launched Tequila with Jane Asscher in the UK, which started life as a five-person agency in Fulham. In 1996, Wass started the development of the Tequila network with the opening of the Singapore office.
Jean-Marie Dru, president and CEO of TBWA\, said: "The development of Tequila continues to be vital to our success as a network. The expertise it brings is central to our ability to deliver 'Disruption and Connections', as well as true media-neutral ideas to help grow clients' brands."
Tequila is one of the top direct marketing and integrated services companies in the world and came in at number 13 in Marketing's latest direct marketing league table.
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