Wonga to name ex Travelex exec Tommy Jordan as new UK chief as turnaround continues
Controversial payday loan provider Wonga is reportedly poised to reveal the appointment of former Travelex executive Tommy Jordan as its UK chief following the promotion of Tara Kneafsey to lead the wider business.
According to Sky News Jordan has been chosen for the top spot due to his role in creating a flexible loan product which has helped the business migrate away from the more contentious short-term lending which has earned it a slew of negative headlines.
This included representative APR rates of 5,853 per cent and criticism of letters issued to customers purportedly by legal firms chasing payments, which transpired to be fake.
Wonga has been hit hard by a tightening of lending criteria which has led to a corresponding drop off in UK consumer lending, culminating in an £80.2m pre-tax loss for the firm earlier this year.
On current trends Wonga estimates it will return to profit no earlier than 2017.