Benson Hersch will step down as CEO of the Association of Short-Term Lenders (ASTL) later this year.

He will remain in the role until at least September in order to help the Association to identify and appoint a successor.

Hersch (pictured) said: “It has been my pleasure and vocation over the past seven years to assist the ASTL to grow and prosper; both financially and in terms of membership and strength of profile; as well as facilities provided to members.

“Unfortunately, nothing is forever and I feel that now is the time to hand over to someone who can continue the task. I will, of course, assist in any way my successor may require in order to ensure a smooth transition.

“I would like to take this opportunity to thank all board members, past and present; as well as all the members for their assistance in making the past seven years an extremely pleasant experience. I also want to thank our administrator, Kay Woolley, for her invaluable experience.”

James Bloom, ASTL executive committee member, added: “On behalf of the directors, we would like to formally place on record our enormous thanks to Benson for his many years of hard work and dedication to the ASTL. Finding his replacement will not be easy but the search will start in earnest. We look forward to the appointment of a new CEO to continue the positive momentum and growth of the ASTL.“