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Amigo changes mind after board has 'divergence of views' with incoming CEO

"It’s fair to say that I like a tough challenge," said new CEO Gary Jennison

Amigo Holdings PLC -

Amigo Holdings PLC (LON:AMGO) shares jumped after announcing it has appointed Gary Jennison as chief executive after Glen Crawford decided not to turn return as planned.

The guarantor lender said Crawford’s unexpected withdrawal of his candidature was due “a divergence of views with a majority of the board”.

READ: Amigo Holdings tries to point out holes in founder's plans to return as CEO

Amigo said Jennison, who was boss of Secure Trust Bank PLC (LON:STB) from 2006 to 2010 and was CEO of sub-prime payment processor PayZone, “has extensive experience of several turnaround situations”.

Jennison said: “It’s fair to say that I like a tough challenge and, when it’s sorted, I take a lot of pride from the end result. 

“Amigo is a business full of good people at all levels and working together we can sort this. Our customers need us and by Amigo not being able to lend more widely at the moment, they are the ones that are missing out. 

“The ability of Amigo to help our current and future customers – who typically can’t access mainstream finance – could genuinely change their lives and set them on a path to financial inclusion.”

Amigo’s founder James Benamor, who was supportive of Crawford being on the board, has set up a shareholder vote to remove the current chief financial officer Nayan Kisnadwala and chairman Roger Lovering, it will be held at 10.45am on September 29.

Benamor said on Twitter that he had not spoken to Crawford and that the news was a surprise, "however the reason for his resignation is not".

"Glen tried to work with the board on a peaceful transition to good governance. I tried the same in January. It is a dead end," he added.

The shares were up 13% to 11.51p on Wednesday afternoon, where they are more than 80% below where they started the year. 

Quick facts: Amigo Holdings PLC

Price: 9.406 GBX

LSE:AMGO
Market: LSE
Market Cap: £44.71 m
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