23rd Sep 2020 15:22
(Alliance News) - Amigo Holdings PLC on Wednesday said Glen Crawford has opted not to take up the position of chief executive officer after a disagreement with the guarantor loans provider's board.
Amigo shares were up 16% at 11.80 pence each in London on Wednesday afternoon.
Amigo said Crawford has terminated his contract with immediate effect with turnaround specialist and newly appointed Non-Executive Director Gary Jennison succeeding him as CEO.
"Glen Crawford has notified the company that he no longer wishes to re-join the board and take up the position of director and chief executive officer and has terminated his current contract with the company with immediate effect. Mr Crawford's unexpected withdrawal of his candidature follows a divergence of views with a majority of the board," Amigo explained.
"The company has agreed to appoint Gary Jennison as chief executive officer, subject to approval by the FCA. Mr Jennison, who joined the company as a non-executive director on August 10, 2020, has extensive experience of several turnaround situations."
Jennison was formerly CEO of Secure Trust Bank PLC between September 2006 and May 2010.
Crawford, who also had a stint as Amigo CEO between February 2016 and April 2019, was named as the new boss of the lender back in July.
The company has been embroiled in a dispute with former chief executive James Benamor who made a tilt at retaking the top job at the subprime lender.
In August, however, Amigo backed Crawford, urging Benamor not to waste time or money in his bid to return.
By Eric Cunha; [email protected]
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