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Amigo Loans chief executive steps down as founder Benamor returns to board

Three board members, including chief executive Hamish Paton, are to step down from Amigo Loans as its founder James Benamor returns to its board.

Chairman Stephan Wilcke will also walk away from the group at some point next year has he and Paton complete an “orderly and staged” handover process.

 

Remuneration committee chair Clare Salmon will also step down.

 

Benamor’s investment vehicle, Richmond Group, which owns a 61 percent stake in Amigo, also secured a second board seat for fellow executive Kelly Black.

 

Amigo is the UK’s largest provider of guarantor loans and offers an interest rate of 49.9 percent APR.

 

Last month, the Financial Conduct Authority (FCA) told Amigo it must more clearly explain the risks to people when they agree to act as a guarantor for a friend or family member.

 

Since he became chief executive five months ago, Paton introduced a more conservative approach to lending, prioritising new customer lending over relending to existing customers.

 

Wilcke said: "It has been fascinating and gratifying to lead the board of Amigo. Clare and I will work with the board to ensure an orderly succession to take Amigo forward. I’d like to thank Hamish for working with the board in implementing necessary changes during a challenging period, and his continued commitment until his successor is found."

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