Wonga reshuffles it’s management

Wonga reshuffles it’s managementUK-based payday lender Wonga has shuffled its management where its co-founder and highest profile executive Errol Damelin is moving out of its day to day affair. He is being replaced as CEO by chief operating officer, Niall Wass.

Wass, who previously worked as chief commercial officer at online betting platform Betfair, is known for his contribution to the lender’s expansion into new products and international markets.

Jonty Hurwitz, who is also an artist, is the other co-founder of the business. He has been reported to be leaving the company.

Damelin and Hurwitz founded Wonga in 2008. The business was started with backing from a number of private equity firms. Damelin is moving from chief executive to part-time chairman. He will be replacing Robin Klein, who provided seed capital for Wonga and has been the chairman for seven years.

The company stated that the changes were not an indication to a stock market flotation but reflected the transformations underway at Wonga. The company bought the German payment firm BillPay, adding to deals in Spain, where it bought Credito Pocket. It also owns a stake in Nahar Credits Private. Recently Wonga has launched a feature film, entitled 12 Portraits, in an order to try to boost its public image by telling real stories about its customers.