THE battle for control of Bournemouth’s sub-prime lender Amigo has taken another twist after the board’s choice of its next chief executive decided he no longer wanted the job.

The company announced the “unexpected withdrawal” of Glen Crawford – who had already done one stint as chief executive – owing to a disagreement with the majority of the board.

Amigo has named Gary Jennison as its new choice of chief executive, subject to approval from the Financial Conduct Authority. He was made a non-executive director of Amigo in August and has been chief executive of Secure Trust Bank PLC, payments processor PayZone UK and the European arm of Warranty Group.

Amigo boss Glen Crawford returning to the business

The Amigo board faces a battle with its own founder, James Benamor, who wants to return as chief executive. He remains its biggest shareholder and has called a vote for next Tuesday September 29.

Mr Crawford had already been the company’s chief executive but stood down last year to undergo spinal surgery.

Amigo Loans founder James Benamor wants to return to business

Mr Benamor had indicated he would back Mr Crawford as boss of Amigo Loans but wanted to head parent company Amigo Holdings himself.

A statement said: “Glen Crawford has notified the company that he no longer wishes to re-join the board and take up the position of director and chief executive officer and has terminated his current contract with the company with immediate effect. Mr Crawford’s unexpected withdrawal of his candidature follows a divergence of views with a majority of the board.”

Amigo founder James Benamor warned against bid to return as chief executive

The Amigo board said Mr Jennison had “extensive experience of several turnaround situations” and had increased profits significantly at Secure Trust Bank despite the banking crisis.

Mr Jennison said: “It’s fair to say that I like a tough challenge and, when it’s sorted, I take a lot of pride from the end result. Amigo is a business full of good people at all levels and working together we can sort this.

“Our customers need us and by Amigo not being able to lend more widely at the moment, they are the ones that are missing out. The ability of Amigo to help our current and future customers – who typically can’t access mainstream finance – could genuinely change their lives and set them on a path to financial inclusion.”