He takes over from Joseph Dlutowski who, after four years in the role, has decided to leave the company to pursue other interests.
Both Sanders and Dlutowski have been with igroup since April 1998, when the company began trading. Sanders was previously chief operating officer.
Stuart Sinclair, chief executive officer of GE Capital, which owns the company, said: "As one of the original founders of igroup, Joe’s vision and drive has been instrumental in making the company a phenomenal success. We are sorry to see him go and wish him every success. Under Colin’s direction, we are confident that igroup will meet the challenges of a new phase of growth while ensuring the company continues to lead its sector."
For 2001, igroup’s total new lending volume was £1.5 billion and the number of new customers on its books grew by more than 34,000.
