Wonga CFO takes temporary charge of payday lender

PAYDAY LENDER Wonga has confirmed that chief executive Neil Wass has stepped down after just six months in the job, with CFO Tim Weller taking temporary charge.

Wass, formerly chief operating officer, was appointed CEO last November, taking over from co-founder Errol Damelin who opted to step back from the day-to-day running of the business, Reuters reports.

Weller takes the interim CEO post with immediate effect, while the search for a replacement for Wass is already underway.

Wonga has been attacked by critics including the Archbishop of Canterbury and Walthamstow Labour MP Stella Creasey for its sky-high interest rates. It charges an annual interest rate of 5,853%, according to its website.

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