Credit, Collections & Insolvency News
Amigo has announced a number of changes to the board including the appointment of new non-executive Directors, the Chairman of the Board and the Chair of the Remuneration Committee standing down through an orderly process and the resignation of the CEO.
The Richmond Group Ltd has notified the Company of its intention to exercise its right to appoint non-executive directors under the terms of the Relationship Agreement signed between the Company and RGL on 29 June 2018. The Board (following recommendation from the Nomination Committee) has approved the appointment of each of RGL’s nominees, James Benamor and Kelly Black.
Subject to the completion of outstanding legal formalities James Benamor has been appointed as a non-independent, non-executive director.
Benamor, the founder and previous CEO of Amigo, was previously a director of the Company from 20 April 2016 until he stepped down as a director on 30 September 2018. James manages his business interests through RGL, his family investment office, which he controls. RGL owns 288,350,667 ordinary shares of 0.25 pence each of the Company, being 60.66% of the issued share capital of the Company.
The appointment of Kelly Black as a non-independent, non-executive director will take effect once the Company has recruited an additional independent non-executive director (in order to maintain the necessary balance of independent non-executive directors to other directors in accordance with the UK Corporate Governance Code) or, in accordance with the Relationship Agreement, by no later than 28 May 2020.
Black is currently Head of Measurement & Improvement at RGL. She was a member of Amigo’s founding team and has held senior positions as Head of Audit and Head of Measurement & Improvement at Amigo before leaving to take up the position at RGL.
Chairman of the Board, Chair of the Remuneration Committee and the CEO said “In the light of the RGL director appointment, the Chairman of the Board, Stephan Wilcke has concluded that it is more appropriate for the Company to be chaired by a new Chairman. Accordingly he has informed the Board that he does not intend to seek re-election at the Company’s next annual general meeting in 2020.”
For corresponding reasons, the Chair of the Remuneration Committee, Clare Salmon has also indicated that it is her intention to step down from the Board at the first suitable opportunity. The effective date of each of their departures will be confirmed in due course but will be effected through an orderly and staged process and a search for each of their successors will start as soon as possible. Both Stephan and Clare intend to work with and assist the Company, to the appropriate extent, in identifying and appointing suitable individuals to ensure the Company continues to comply with the UK Corporate Governance Code and to satisfy its regulatory obligations.
Furthermore, the Company has been notified by Hamish Paton that he has resigned from the role of CEO, subject to his 12 month notice period in order to ensure an orderly transition to a successor.
Stephan Wilcke, Chairman of Amigo, said “It has been fascinating and gratifying to lead the Board of Amigo. Clare and I will work with the Board to ensure an orderly succession to take Amigo forward. I’d like to thank Hamish for working with the Board in implementing necessary changes during a challenging period, and his continued commitment until his successor is found.”