weeks after chief exec

The pay day lender now has no permanent management team

The chairman and founder of controversial pay day lender Wonga has stepped down just weeks after the company's chief executive left the business.

A spokesman for the firm said that Errol Damelin wanted to "begin an orderly exit from the company" to focus on "new business ventures". "He agreed to remain as a non-executive director while the board carried out a reorganisation. He is now happy that the migration to a senior team suited to running a large and regulated financial services business is well underway and sufficiently advanced for him to step aside," the spokesman added.

Mr Damelin - who founded the company with Jonty Hurwitz in 2006 - had been chairman since he stepped back from day-to-day running of the business in November last year. He handed the chief executive reins to Niall Wass, who joined Wonga as chief operating officer in January 2013. However, at the end of May, Mr Wass quit after a period of heavy criticism for Wonga from religious leaders, as it emerged that the Church of England owned a stake in the business......Read more here

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Wonga boss leaves after six months - Niall Wass announces departure, leaving group with no permanent chief executive or chairman........Read more here