One early outcome of the strategic review that Thorn Group started in April is that it is losing its chief executive. CEO Tim Luce announced his resignation yesterday, saying he would work through the strategic review and recruitment of his replacement before leaving.Luce was appointed CEO in February last year.The strategic review was launched in the face of a class action due to start in October, heavy business write-offs, problems with the regulator and restrictions on the use of its corporate loan facility.Last November, its corporate facility, which is with a major banks, was cut from A$50 million to $30 million and was subject to a "drawstop", which means that "all new utilisations, other than rollover loans and those accessing the overdraft and set-off components of the facility, require prior lending approval". In January last year, Thorn Australia, a subsidiary of Thorn Group, agreed to refund or write off $6.1 million of default fees and charges relating to 60,000 leases, after its was found to have contravened responsible lending rules.The company also agreed to refund $13.8 million of excess lease payments.ASIC said that between 2012 and 2015 Thorn had a flawed credit assessment process in place. It failed to make reasonable inquiries about each consumer's financial situation and failed to take reasonable steps to verify each customer's financial situation.In May last year, the Federal Court ordered Thorn to pay a $2 million fine.In May this year, an independent expert's reported prepared by Deloitte identified several areas in Thorn's credit assessment process that needed further "enhancement", including its dispute management, risk management strategy and suitability assessment policies.