The chairman of lender Money3 has written to shareholders responding to criticisms of the company's board and management by its former chief executive Rob Bryant, who left in July.Bryant has requested a shareholder meeting in an attempt to have three of the directors removed and for him to be appointed in their place.CThe chairman, Vaughan Webber, said the board "made a decision to part ways" with Bryant over strategy. Money3 has The board has decided to shifted the focus of the business away from the short-term unsecured lending that was its mainstay for many years and in favour of building up its secured lending business.Bryant has criticised the change of strategy in correspondence to some shareholders.Webber said very small loans (under $500) make no contribution to the company's profitability. He said the company would continue to offer unsecured loans, while acknowledging that management was undertaking a review of its products and would probably stop offering some unsecured products.Last month the company reported a 78.2 per cent increase in net profit and a 79 per cent increase in loan receivables, with 64 per cent of earnings coming from the secured lending division.The shareholder meeting is scheduled for September 21.