Egg boss resigns

Over recent weeks the Internet financial giant Egg has been at the centre of controversy for cancelling the credit card accounts of over 160,000 customers – a move that was met with outrage from affected customers and other officials.

Labour MP Nigel Griffiths recently arranged a meeting with Ian Kerr, the chief executive of Egg, in order to try and get an explanation and apology for customers, but after the meeting Kerr stated that the situation had not changed and the credit card accounts would still be cancelled because the customers on the list were considered too high a risk.

However, just a couple of weeks after the meeting the boss of Egg, Ian Kerr, has announced he is resigning of the Chief Executive of Egg.

He leaves amidst speculation that the real reason behind the cancellation of these cards was that the customers were not generating enough profit for the firm because they were actually good payers.

Egg officials have stated that this is not the case, adding that Kerr’s resignation was nothing to do with the credit card cancellations.

Egg is now owned by the financial group Citi, and an official from the parent company said that he was saddened by Mr Kerr’s resignation and that he will be missed by the company.

He said: ‘Ian has played a critical role in helping us to integrate the Egg business into Citi and he has also developed our strategy for a single unified business in the UK.’

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.’