Payday lender Wonga is set to name a new group chief executive this week.
Tara Kneafsey, currently head of Wonga’s UK consumer loans business, will take control of the wider business, a statement is expected to say today.
Kneafsey joined the short-term lender in 2014 from RSA Insurance where she was a colleague of Wonga’s executive chairman Andy Haste. Haste is planning to step back to a non-executive role within the next year.
Kneafsey will be tasked with returning the controversial lender to profit and Wonga is targeting a return to profitability by 2017.
Losses for the company in recent years have climbed to almost £120m due to a string of scandals, costs from extensive job cuts, and the introduction of a cap on the amount that lenders can charge consumers for short-term loans.
A new regulatory framework for the payday lending sector has forced many of Wonga’s smaller rivals to cease trading or sell assets over the last few years.