Wonga’s chief executive has quit the payday lender just six months after taking over from his predecessor – who also lasted the same time in the job.
Tim Weller, who was promoted from finance director to interim chief executive in May, left last month, according to filings at Companies House.
Weller, who had been with Wonga for three years, was the last remaining senior executive appointed by Errol Damelin, the company’s founder who quit in June.
Andy Haste, a respected City figure brought in as Wonga chairman in July and tasked with overhauling the company’s tarnished brand, has now fully taken over the day-to-day management while it continues the search it started in July for a permanent chief executive.
“At a critical time for Wonga, when we will complete our forbearance programme, prepare to apply for FCA [Financial Conduct Authority] authorisation and introduce a cap-compliant product, I’m taking an even more active role in leading the business,” Haste said.
“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.”
Last month Wonga, which charges interest at 5,853% APR, was forced to write off £220m worth of customers debts after admitting it had been wrong to lend money to 330,000 people. It also wiped out interest charges for another 45,000 people.
Weller replaced Niall Wass, who had replaced Damelin as CEO in November 2013 before leaving to join the taxi app company Uber.
