Wonga loses second boss in six months as Niall Wass quits

 
Harriet Green
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Niall Wass, chief executive of Wonga, is stepping down.

Chief financial officer Tim Weller is taking over as interim boss of the online lender - its third boss in six months.

Weller is effectively on short term loan from his position as the firm's CFO, so the company is likely to have its fourth boss soon.

Wass took the reins in November, after Errol Damelin quit the role; he is the firm’s current chairman.

In March Sky News' Mark Kleinman reported that Damelin could leave the firm entirely, as the payday lending industry comes under the supervision of the Financial Conduct Authority.

Wass said today:

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.

Weller said:

As we move to a new regulatory environment in the UK we are actively engaged with the FCA and committed to building better products for our customers.

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