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British subprime lender Amigo hit by CEO departure and other defections

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By Reuters
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LONDON (Reuters) – British subprime lender Amigo Holdings Plc <AMGO.L> said on Monday that its Chief Executive Hamish Paton is stepping down after less than five months in the job.

Amigo, which issues loans typically guaranteed by a borrower’s family or friends, has been hit hard by a tough economic outlook and regulatory pressures and most of its senior executives are on their way out.

Chairman Stephan Wilcke has also decided to quit and informed the board that he would not seek a new mandate at the company’s next annual general meeting in 2020.

Amigo’s remuneration committee chair, Clare Salmon, will follow suit as she said she would seek to step down at first suitable opportunity.

(Reporting by Pamela Barbaglia, editing by Louise Heavens)