Online-only micro-lender, Wonga.com, has seen a second CEO step down from the company within the past six months, according to various international scribes.<\/p>\n
Wonga.com, which launched in South Africa in May 2013, is a website which offers short-term loans to qualifying customers.<\/p>\n
The company was started up in 2007 by Errol Damelin and Jonty Hurwitz, two South African entrepreneurs, and operated primarily in the UK before opening up to the Canadian and SA markets.<\/p>\n
A number of British newspapers reported that Niall Wass, who was appointed CEO in November 2013, will “leave the business in the next few weeks to take a position at another company”.<\/p>\n
Tim Weller, CFO of the Wonga group, will become interim chief executive.<\/p>\n
Former boss, Damelin, stepped down from his role in November, and is also expected to step down from his position as chairman of Wonga.com<\/p>\n
Hurwitz stepped down from the board of directors late last year, having given up his operation role several years ago.<\/p>\n
Consumer credit firms like Wonga.com have been criticized for being legal loan-sharks, and are therefore being being grilled by regulators for the way in which they operate, with UK watchdog, the Financial Conduct Authority (FCA), looking to impose tougher regulatory laws.<\/p>\n
Wass said in a statement: “My time with the company has been busy and productive, seeing Wonga launch in several new markets, but we’re now at the beginning of a new chapter and I felt the time was right to take a new opportunity elsewhere. There are some exceptional people here and Tim is inheriting a strong team.”<\/p>\n
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