Her role will be taken up with immediate effect by Narender Panjwani, who has been promoted to Asia circulation director.
Bellman has been with BusinessWeek for seven years, during which she has overseen the circulation grow from 36,000 to more than 81,000 currently.
BusinessWeek vice-president and worldwide circulation director, Thomas Masterson, said: "Over the past seven years, Mary Frances helped to significantly lift the magazine's circulation in the region. She is leaving because she has accomplished everything she had set out to do."
Panjwani, who has more than 22 years' experience in the publishing industry, joined BusinessWeek in 1996 as regional circulation manager.
