Frank PR co-founder and chairman Graham Goodkind told PRWeek that Medley had left the business by mutual consent, and wished him the best of luck for the future.
"We have a really strong team at Frank and are not immediately looking to replace Richard," Goodkind said.
Medley joined Frank in January 2016 as head of its corporate reputation, crisis and issues division, Francis. In addition to this, he was also tasked with running a portfolio of consumer clients including Universal and Premier Inn.
Asked about his next move, Medley said he had a number of projects starting immediately, as well as some potential "appealing opportunities" coming up later this year.
He said: "The PRWeek UK Power Book 2017 may have called me an 'industry veteran', but a touch of grey in the beard just feeds the curiosity for different-shaped roles that might be permanent or might continue to be project-based. It's enjoyable finding out which."
Before joining Frank, Medley was MD at Nexus Communications between 2012 and 2015. Prior to this he was MD at corporate consultancy Spider PR, working for clients including Virgin Trains, Fedex and Tyrrells.
He was also MD at Publicis Consultants from 2007 to 2010.
• Click here to subscribe to PRWeek – you'll get essential breaking news, views & expert analysis; an exclusive UK Daily News email bulletin; industry-leading reports such as the Power Book, Global Agency Business Report, Best Campaigns & Best Places to Work; and a whole lot more.