Amigo looks for new CFO after Kisnadwala quits

Amigo is looking for a new chief financial officer after Nayan Kisnadwala decided to leave the chaotic subprime lender.

Kisnadwala will leave on 30 November "to pursue other career interests", Amigo said. He joined the company in January 2019 as pressures from a regulatory crackdown and customer complaints began to rise.

Amigo's chairman Jonathan Roe said Kisnadwalda had led the finance team during a difficult period and had contributed to work designed to deal with the company's problems. "He leaves with our gratitude and best wishes," Roe said.

The company said it expected to announce a replacement for Kisnadwala in the near future. His departure follows the appointment of turnaround specialist Gary Jennison as chief executive after former boss Glen Crawford changed his mind about returning.

Amigo said on 3 November it had increased provisions for customer mis-selling complaints and would not restart lending until 2021. The Financial Conduct Authority has banned it from paying dividends or director bonuses without permission.

The company, which floated in 2018, has been in crisis for more than a year. It scrapped a plan to sell itself in June and has been in a long-running battle with its founder and former boss James Benamor, who tried to reinstall himself as chief executive.

Kisnadwala said: "I am leaving Amigo having helped steer the business during a period of significant change and challenge borne out of Amigo's legacy issues. I consider the time is right for someone new to lead the finance team through the business's next phase. "

The company is the UK's biggest provider of guarantor loans with repayments backed by the borrower's friends or family. It charges a representative interest rate of 49.9% on loans between £500 and £10,000.