9th Nov 2020 10:54
(Alliance News) - Amigo Holdings PLC said Monday Chief Financial Officer Nayan Kisnadwala will step down from the role on November 30, to pursue other career interests.
The guarantor loans company said it expects to name a CFO in the "near future".
Chair Jonathan Roe said: "Since he joined the business in January 2019, Nayan has made a significant contribution to the work undertaken to deal with the problems facing the company. He has led the finance team through an extremely difficult period, steering the company steadily despite the turbulence at board level. He has maintained a strong focus on funding and liquidity to face the challenges of Covid-19 and complaints.
"The board would like to thank Nayan for his diligence and hard work. He leaves with our gratitude and best wishes."
Kisnadwala added: "I am leaving Amigo having helped steer the business during a period of significant change and challenge borne out of Amigo's legacy issues. I consider the time is right for someone new to lead the finance team through the business's next phase."
Amigo recently said goodbye to its chair, after Roger Lovering resigned as acting chair in mid-October, but Roe was able to take up this position immediately.
In September, Glen Crawford decided against taking up the position of chief executive officer after a disagreement with the guarantor loans provider's board. 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.
Crawford refused the position due to the lender's ongoing tussle with founder and former chief executive James Benamor.
Benamor's investment vehicle Richmond Group had proposed that Benamor be appointed as a director of Amigo and that Kisnadwala and Interim Chair Roger Lovering be removed as a directors. As of Monday, both Kisnadwala and Lovering have now left their positions.
Richmond also proposed that former chief executive Glen Crawford as well as Non-Executive Directors Gary Jennison, Richard Price and Jonathan Roe be appointed as directors of Amigo Loans.
In late September, however, Amigo's shareholders voted down all of Benamor's proposed resolutions at a general meeting.
Shares in Amigo were 2.3% higher in London on Monday at 6.60 pence each.
By Paul McGowan; [email protected]
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