Beleaguered Amigo Loans makes interim finance chief permanent in attempt to leave near-fatal woes behind
Amigo Loans confirmed to City A.M. that Danny Malone will join its Board as the company’s new chief financial officer, and as an executive director.
His appointment as an Executive Director is subject to approval under the Senior Managers’ Regime, by the Financial Conduct Authority. Malone has been acting as Interim CFO since February 2022.
“Danny has a wealth of experience, including at board level in a variety of financial services companies,” the company said.
A qualified chartered accountant, he has held senior management and executive board level positions with Everyday Loans Limited as Chief Executive Officer, Finance Director and founder, Citifinancial Europe PLC as Chief Executive Officer and Chief Financial Officer, and Avco Trust PLC as Finance Director. He has also served as Chief Executive of Perch Group.
He is currently non-executive chair of Floan Limited, a start-up fintech online loan company servicing travel agents, and a Non-Executive Director of The Personal Finance Centre Limited, both non-listed companies.
Amigo Loans further said that Maria Darby-Walker, an existing Non-Executive Director, has been appointed as Senior Independent Director of the company, subject to approval under the Senior Managers’ Regime, by the Financial Conduct Authority.
Following the appointment of Danny, the total number of Directors on Amigo’s Board will consist of three independent Non-Executive Directors, including the Chair, and two Executive Directors.
Share suspension lifted
Late last month, Amigo has lifted its suspension of the listing of the company’s ordinary shares.
The measure was put in place at the company’s request yesterday, to prevent “asymmetric” reveals of inside information at its public court hearing influencing its stock market performance.
The company is not aware of any inside information which has not been updated to the market.
Amigo took a major step towards resuming lending today as it won High Court approval for a compensation scheme for customers that were mis-sold loans by the firm.
It will sanction a scheme that will see victims pocket at least £112m between them, with £15m raised from a share issue.
Amigo now needs to secure FCA permission to begin lending, but the firm’s boss Gary Jennison said he was “pleased” with the court’s decision.