June 11, 2020 / 6:36 AM / 2 months ago

Amigo rings changes on board after sale collapses

LONDON (Reuters) - Amigo Holdings plc (AMGO.L) said on Thursday its chairman will step down from the board and his role as chairman on June 18, after resigning last week when a potential sale of the company collapsed.

The subprime lender said senior independent director Roger Lovering will take on the role as acting chairman in place of Stephan Wilcke until a permanent successor is appointed.

In addition, Amigo said outgoing Chief Executive Hamish Paton, who announced his resignation in December, will not be putting himself up for re-election at its annual general meeting next month.

Instead, Paton will leave the company on July 31. Amigo said it continued to look for suitable replacements for each role.

The Financial Conduct Authority said earlier this month it had launched an investigation into Amigo’s creditworthiness assessment process.

Amigo said on June 8 it expected to report a “material increase in provision” due to customer complaints in its full-year results.

Reporting By Sinead Cruise; editing by Pamela Barbaglia

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