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Wonga’s founder steps down as a non-executive director

Wonga Group today announced that Errol Damelin has stepped down as a non-executive board director as planned.

Damelin co-founded Wonga in 2006 and has previously served as Chief Executive and Chairman. As CEO, he launched the world’s first fully automated credit system and oversaw the company’s rapid growth in the UK, as well as into new countries and product areas. Wonga Group now serves hundreds of thousands of consumers and small businesses each month.

Last November Damelin indicated to the Board that he wanted to begin an orderly exit from the Company after stepping down from the role of CEO, so that he could start working 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.

Sonali de Rycker of Accel Partners, an early shareholder and board member said: “It’s rare to create and run a business of such scale and instant recognition. Errol’s vision and passion made it possible and we thank him for creating a very significant base that we’ll continue to build upon.”

Laurel Bowden of Greylock IL, and also a member of the Board, added: “We are grateful for everything Errol has done for the company and for all the assistance he has provided to the board throughout the transition period. He leaves a business with a strong platform which will power future growth.”

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