Amigo Holdings PLC on Friday promoted Chief Financial Officer Danny Malone to chief executive, as incumbent Gary Jennison steps down.

Jennison joined the Bournemouth, England-based guarantor loan provider as a non-executive director in August 2020. Just one month later, he was promoted to CEO.

Amigo said that Jennison will step down as CEO immediately, but will continue to be employed by Amigo until the end of the year.

In his place, the company has promoted its CFO Malone.

In June, Amigo appointed Malone as CFO and executive director, having been acting as interim CFO since February.

He is currently non-executive chair of Floan Ltd, a start-up fintech online loan broking company servicing travel agents.

Previously, Malone was CEO, finance director & founder of Everyday Loans Ltd. He has also been CEO & CFO at CitiFinancial Europe PLC and finance director of Avco Trust PLC.

Amigo said: ‘Danny’s focus over the coming period will be on the completion of the delivery of the new RewardRate product suite and platform; leading the team on seeking a settlement of the Financial Counduct Authority’s ongoing Enforcement investigations and continuing to work closely with the FCA to achieve the goal to return to volume lending as soon as is practicable.’

Amigo has also promoted Head of Finance Kerry Penfold to CFO, taking up Malone’s spot.

Penfold joined Amigo in February this year. Prior to this, she was head of Motor Finance at United Trist Bank.

Chair Jonathan Roe said ‘I’d like to thank Gary for his dedication and considerable contribution to Amigo. When he took the role in September 2020, Amigo was teetering on the brink and we appointed Gary to lead the turnaround and the major transformation required.

‘We now stand in a far better place, with a clear vision for the business and within sight of returning to lending,’ Roe added.

Shares in Amigo were down 3.8% to 3.85 pence each in London early Friday.

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