Wonga Chief Executive Wass to step down after 6 months in job

LONDON Thu May 22, 2014 12:23pm EDT

LONDON May 22 (Reuters) - UK-based short-term lender Wonga said on Thursday that Chief Executive Niall Wass will step down after just six months in the job to take up a position with another company.

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.

Finance director Tim Weller will become interim chief executive with immediate effect and Wonga said the search for a permanent replacement was underway.

Wonga has been attacked by critics including the Archbishop of Canterbury for its sky-high interest rates. It charges an annual interest rate of 5,853 percent, according to its website.

(Reporting by Matt Scuffham; Editing by Clare Hutchison)