Amigo Holdings PLC announced an update to its management team. Gary Jennison has affirmed to the Board the decision that he should step down from his role as CEO and as a Director. He will be replaced as Chief Executive by Amigo's current Chief Financial Officer, Danny Malone, who in turn will be replaced in his role by Kerry Penfold, currently Head of Finance at Amigo.

The new appointments are subject to approval under the Senior Managers' Regime, by the Financial Conduct Authority. Gary will step down from these roles immediately but both Gary and the Board are keen to ensure an appropriate transition and he will continue to be employed by Amigo and supporting the business until the end of the year (31 December 2022). Danny Malone has a wealth of financial services experience.

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 broking company servicing travel agents, and a Non-Executive Director of The Personal Finance Centre Limited, both non-listed companies.

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 FCA' 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. All of this work is on the critical path to enable Amigo to secure the new capital it requires to fund the business. A qualified accountant, Kerry Penfold has held a number of senior roles during a near twenty-year career in financial services.

Prior to joining Amigo in February 2022, Kerry held positions as Head of Motor Finance at United Trust Bank and a range of roles at Lenlyn Group including Operations Director at Raphaels Bank and Head of Group Financial Control. There are no additional matters that would require disclosure under LR 9.6.13R (1) to (6) in relation to this appointment. Following the above change, the total number of Directors on Amigo's Board will consist of three independent Non-Executive Directors, including the Chair, and two Executive Directors.