Why Folk2Folk’s CEO is out after just 16 months

By Oliver Smith on Monday 13 May 2019

Alternative Lending

Giles Cross has stepped down from the helm of the business lender.

Why Folk2Folk’s CEO is out after just 16 months
Image source: Folk2Folk/Giles Cross

After only taking over in January 2018, Folk2Folk announced the resignation of its CEO Giles Cross this morning.

Folk2Folk said Cross, who took over from Jane Dumeresque, was resigning “to pursue other opportunities”.

The company said during his tenure Folk2Folk’s loan book grew by 38% and became the UK’s second largest peer-to-peer lender to businesses by cumulative lending.

“I want to express my heartfelt thanks to Giles for his significant contribution to the development of FOLK2FOLK in its evolution from start-up to scale-up business,” said Folk2Folk chair Tim Sawyer.

Dumeresque stepped down suddenly in September 2017 and left the business leaderless for four months.

Now in Cross’s absence Roy Warren, the company’s Head of Loans, Risk & Portfolio, will take over as interim Managing Director until a CEO replacement can be found.

“I’m proud of what we’ve achieved together and the growth and success of the business so far,” said Cross on his departure.

Folk2Folk is an exciting company with a brilliant team of employees and I look forward to following the company’s future success.”

Sign up for our newsletters

Your daily 7am download of all things alternative finance and fintech.

Fintech and alternative finance headlines with an exclusive Editor's Note each week. Delivered Monday at midday.

AltFi's new weekly US newsletter breaking down the ins and outs of America's burgeoning fintech sector. Delivered Monday 9am EST/ 6am PST.