Payday lender Wonga has appointed its former commercial director as the new chief executive of its lending business.

Tommy Jordan, who joined Wonga in October 2015, will take over from Tara Kneafsey who has been made group CEO at Wonga.

Mr Jordan has held previous roles at Travelex and Lloyds and has been part of Wonga’s efforts to turn around its fortunes following a crackdown on the payday lending sector last year by the UK’s Financial Conduct Authority.

Commenting on his appointment, Mr Jordan said:

I’m delighted to be taking on this role with the opportunity to drive Wonga’s continued recovery in the UK.

We have taken major strides this year, gaining full regulatory authorisation and launching our first longer term product. There still is a lot to do, but with our clear plan and focused product suite we are ready to take the UK business to the next level and deliver long term sustainable growth.

Chief executive Ms Kneafsey said:

Tommy has been a vital part of the senior leadership team since joining, playing a key role in putting the business on the path to sustainable, responsible and profitable growth. His experience will be instrumental as we build on the solid foundations we have put in place.

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