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Payday lender Wonga loses another chief executive as Tim Weller steps down after just six months
Embattled payday lender Wonga has lost another boss. Tim Weller, who had been the company's interim chief exec since May, has stepped down, according to filings at Companies House.
Weller was brought in as interim after Niall Wass left this May. The company's founder, Errol Damelin, stepped down in November 2013.
Chairman Andy Haste, who joined the group in July, said in a statement:
At a critical time for Wonga, when we will complete our forbearance programme, prepare to apply for FCA authorisation and introduce a cap-compliant product, I’m taking an even more active role in leading the business.Tim Weller therefore stepped down as interim CEO in October. This was a mutual decision, following a comprehensive handover, and will ensure clear leadership in the weeks and months ahead. I want to thank Tim for his three years in the business as chief financial officer.Our search for a permanent group CEO is well underway and Tara Kneafsey, our new UK managing director, will join us in December.
It's been a difficult year for Wonga which, last month, wrote off £220m in customer debts after admitting it shouldn't have made the loans.
Earlier this year, it came under fire after it was found to have sent letters from fake law firms asking customers to make debt repayments.