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In a statement on Friday (19 August), Latitude Group (Latitude) confirmed that Ahmed Fahour AO will be stepping down from his role by the end of August 2023.
Mr Fahour joined Latitude in October 2018 as its CEO.
Latitude chair Mike Tilley said that Mr Fahour’s decision was the recognition of the role and its required commitment length.
“Ahmed has worked incredibly hard to transition the business to take advantage of the post-COVID recovery in demand for consumer finance, while maintaining great discipline in risk, productivity and margins,” Mr Tilley said.
“Ahmed’s decision recognises that the next transition to growth requires a long-term commitment to the CEO role than he sees for himself.”
Further, Latitude said that Mr Fahour “reset Latitude’s strategy to build on its customer and merchant relationship in the pay and money businesses”.
The non-bank noted the outgoing CEO also simplified Latitude’s products across payments/instalments and personal lending, while also launching businesses in both Singapore and Malaysia.
Mr Fahour commented that while this was a difficult decision, “now is the right time to prepare for my departure next year”.
He said he would support the board as it plans for his successor.
“It has been a privilege to serve as CEO of Latitude and I am incredibly proud of everything the business has achieved,” Mr Fahour said.
“Getting Latitude ready for life as a public company and then realising that goal during a global pandemic with last year’s IPO is something I am particularly proud of.”
Mr Fahour added that he felt fortunate to have worked “with an outstanding board” as well as a “committed and highly capable executive team”.
“My thanks go to them and to all Latitude employees for their support over the past four years,” Mr Fahour said.
Mr Fahour concluded that while he remains focused on leading Latitude until his departure date, he is “looking forward to preparing for the next phase of my career and exploring the chance to increase my contribution to the community”.
Latitude has said it will commence an “international search process” for its next CEO.
[Related: Latitude sheds insurance business]