Egg boss resigned but not over credit card fiasco

Following the resignation of the boss of Internet financial giant, Egg, the financial firm has announced that his resignation was nothing to do with the fiasco that occurred in relation to credit card accounts earlier this year.

Some weeks ago, Egg announced that it was cancelling the credit cards of 161,000 customers, and this caused outrage amongst consumers and industry officials.

Shortly after the announcement Labour MP Nigel Griffiths arranged a meeting with the chief executive of Egg, Ian Kerr, but this proved fruitless, with Egg announcing that it still intended to cancel the credit card accounts, despite being told that many of the customers whose accounts had been cancelled had good credit.

Not long after the meeting Kerr announced his resignation, amidst accusations that the financial giant had cancelled the credit cards of those that were good payers simply because they did not make enough profit from them.

However, Egg has stated that this is not the case and this was not the reason behind the resignation.

Nigel Griffiths stated: ‘Egg presided over a PR disaster, withdrawing cards from thousands of perfectly respectable customers and failing to give full and honest reasons. I warned the company that their letter to customers was a serious mistake and urged them to make public a full explanation. Sadly my advice was ignored.’