U.K.-based guarantor loan provider Amigo Holdings PLC said that CEO Hamish Paton has submitted his resignation and will step down after the end of his 12-month notice period.

Paton was appointed CEO in July after Glen Crawford stepped down.

Chairman Stephan Wilcke is also set to step down at the end of his term in 2020. Wilcke told the company that he would not seek re-election at the 2020 annual general meeting due to new director appointments.

The lender said majority shareholder The Richmond Group Ltd. has appointed James Benamor and Kelly Black as non-executive directors of Amigo, exercising its right under the relationship agreement signed between the companies in June 2018.

Benamor will become a non-independent, non-executive director on Dec. 9, while Black will become a non-independent, non-executive director by May 2020.