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Amigo share price rises as CEO quits, putting Benamor one step closer to being back at the helm

The share price of Amigo increased by 15 percent after incoming CEO Glen Crawford walked away from Amigo before his official appointment (as he was pending FCA approval).

Citing a 'divergence of views with the majority of the board' for the termination of his contract with immediate effect, Amigo referred to his departure as 'unexpected'.

Amigo has agreed to appoint Gary Jennison as CEO subject to FCA approval. Jennison was previously CEO of a number of financial services firms including Secure Trust Bank and PayZone.

Normally such a shock resignation would not be greeted with such positive sentiment in the markets.

However, what it does suggest is that founder James Benamor is one step closer to being back at the helm with a shareholder vote due to take place next week on 29 September - and this is what the market is anticipating, hence the rise.

This does not bode well for the Amigo board who recently urged shareholders to vote against the resolutions put forward by James Benamor, illustrating a picture of stability and few risks should the current structure remain.

Commenting on the departure of Crawford, James Benamor noted his surprise at the departure but not the circumstances:

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