Wonga interim CEO leaves after just six months

Wonga.com, the trading name of WDFC UK Limited, says its interim CEO Tim Weller has stepped down just six months after taking over following the resignation of Niall Wass, who also only lasted six months.

Mr. Weller, who was previously Wonga’s finance officer, was expected to stay as interim CEO until somebody was found to fill the post on a permanent basis.

Although Mr. Weller left the company in October, his resignation only became public news after a regulatory filing that was released on Thursday.

The troubled payday loan company which offers “short-term, high-cost credit”, appointed Andy Haste as chairman in July and has not yet provided any information regarding a new chief executive.

Andy Haste, Wonga

Mr. Haste, who said Mr. Weller’s resignation was “a mutual decision”, added that he now would be taking an even more active role in leading the company.

“Our search for a permanent group CEO is well underway and Tara Kneafsey, our new UK Managing Director, will join us in December,” Mr. Haste added.

Mr. Weller had been with Wonga for three years. He was the company’s last remaining senior executive appointed by founder Errol Damelin, who quit in November 2013.

Mr. Weller will receive a severance package, the company confirmed on Thursday, but did not specify any details.

After admitting it was a mistake to lend money to 330,000 people, Wonga, which charges 5,853% APR, was forced to write off customer debts totaling £220 million.

A few days ago it emerged that Wonga is having problems getting into contact with the 45,000 people who are in arrears after they received bogus legal letters telling them to pay up.

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