Donald Gayhardt resigned as CEO and a director of CURO Group Holdings Corp. on Tuesday to pursue other possibilities.

The Wichita, Kan.-based consumer financing company said that Douglas Clark, head of its North American direct lending business, will succeed Mr. Gayhardt as CEO and will also join the board.

Mr. Clark, 57, was previously the CEO of Heights Finance, which CURO purchased in December 2021.

According to the company, Mr. Clark will receive an initial annual base salary of $725,000 as CEO, as well as an annual bonus of 125% of his base pay.

Mr Gayhardt began his career with CURO as a consultant in 2011, before becoming CEO in early 2012 and joining the board later that year.