Another boss jumps Wonga ship

The CEO of the South African unit of Britain's Wonga has quit, becoming the latest high-profile departure from the provider of unsecured loans.

Kevin Hurwitz, who launched Wonga locally two years ago, resigned at the end of last month "to pursue other opportunities", spokesman Debbie Sharwood said. Hurwitz would remain with the company in a part-time advisory role, she said.

A friend of Wonga founder Errol Damelin, Hurwitz oversaw the unit's rapid growth in South Africa, saying last year that its expansion was "beyond expectations" and that it was making tens of thousands of loans a month.

But the company ran foul of regulators in both South Africa and the UK.

The British company's chairman, Andy Haste, has promised to reform its strategy. Haste, the former head of RSA Insurance Group, joined in July, following the departure of CEO Niall Wass.

Wass quit just months after taking on the role from founder Damelin.

Damelin remained as a director until June, when he left Wonga.