23rd Apr 2019 18:34
LONDON (Alliance News) - Amigo Holdings PLC said Tuesday Chief Executive Glen Crawford will step down in the summer of 2019.
Amigo, which provides loans to those with poor credit ratings, said Crawford is stepping down in order to undertake medical treatment in respect of a degenerating spinal condition requiring an extended period of recuperation.
Hamish Paton was expected to join the company in May as chief commercial officer but he will now assume the role of CEO designate and will become CEO following a "comprehensive handover" from Crawford over a period of up to three months.
Amigo said Paton has a "strong background in consumer credit". He was previously CEO at rent-to-own retailer Brighthouse Group Ltd between October 2016 and March 2019.
Amigo said Crawford will be available to the company after the handover period for consultation and has agreed to an extended non-compete period until July 2020.
Chair Stephan Wilcke said: "Whilst we are saddened by Glen's decision to depart we respect his decision and wish to facilitate his timely recovery. Glen's drive and commitment has seen Amigo through its first full year post initial public offering despite his spinal problems. All this has been achieved whilst developing a strong management team who will work with Hamish and the board to continue the successful execution of Amigo's strategy."
Shares in Amigo closed down 0.2% Tuesday at 256.50 pence each.
Related Shares:
Amigo