Guarantor lender Amigo Loans has appointed former BrightHouse boss Hamish Paton as its chief executive as its current incumbent Glen Crawford steps down for medical reasons.
Paton was already due to join Amigo in May as chief commercial officer, but he will instead now become CEO-designate, and will take over in the summer.
Crawford has led the recently-listed Amigo since 2015 and will complete a three-month handover period to Paton before undertaking medical treatment that will require “an extended period of recuperation”.
Over Paton’s tenure as chief executive of BrightHouse, the rent-to-own provider faced substantial change, particularly in regulation after the Financial Conduct Authority (FCA) assumed jurisdiction over the sector. In October 2017, the lender was required to pay £14.8m in redress to around 249,000 customers.
Alongside that, Paton led a refinancing of the BrightHouse’s debt, along with engagement with the FCA through the period of the high-cost credit review.
Paton said: "I am delighted to be joining Amigo. It is a great business with a compelling product offering that plays a pivotal role in the lives of its customers. I am really looking forward to the opportunity to work with an exceptional team on the next phase of the company’s development."
Crawford added: "The business has performed strongly in its first year following our listing on the premium section of the London Stock Exchange. I am proud of our achievements and look forward to delivering our full year results for the year ended 31 March 2019 when we update the market in May.
“Hamish has extensive experience as a leader within the non-standard finance sector and was recruited by Amigo to work closely with me in developing the business, and to provide longer-term succession planning.”