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Richard Eyre, GCap's chairman, will also step down. Global's chief executive and chairman, Ashley Tabor and Charles Allen, will leave their current roles and take up the respective posts at GCap for an interim period, under measures imposed by the Office of Fair Trading.
The OFT has told Global that the companies must be "held separate" until its review of the takeover is complete.
"I look forward to completing the acquisition of GCap Media and starting to work with the great team there," said Tabor.
Hazlitt took over as chief executive in December, shortly before Global began moves to buy the company. She tried to avert the takeover and her exit has been widely expected since the £375m deal was agreed.
