Two weeks after reporting a heavy loss for its 2014/15 financial year, payday lender Cash Converters has notified the market that its chairman and chief executive are retiring and it has appointed consultants to carry out a strategic review.The company faces a number of challenges. It must deal with a class action brought by borrowers in Queensland, having recently paid out A$20 million to settle a similar action in New South Wales.Its United Kingdom business is underperforming as a result of the introduction of new regulations in that market.Last month Westpac announced that it would stop providing Cash Converters with banking facilities. And in its core local market - short-term, small amount loans to people without other access to credit - regulatory changes (price caps and tighter responsible lending requirements) have cut into margins.One of its rivals, Money3, recently announced a change of direction, involving less dependence on short-term lending and a move into longer-term secured finance, such as car loans.Cash Converters chairman Reginald Webb, who has been in the role since 2005, will retire from the board at the end of the current financial year. Former Bank of Queensland chief executive Stuart Grimshaw, who has been on the Cash Converters board since November last year, has been appointed interim chairman. Grimshaw will undertake a review of the company's board structure and composition.Chief executive Ian Day is retiring after 23 years with the company. His replacement is Mark Reid, who has held senior positions at Bankwest and Greenstone Financial Services.Consulting group CACE Partners will do the strategic review. The company said it expected to be in a position to update the market in January next year.Cash Converters made a loss of $21.5 million for the year to June, compared with a profit of $21.2 million in 2013/14. It paid $20 million to settle the NSW class action and $3 million in legal costs. Termination of an agency agreement had an after-tax impact of negative $16.8 million.And following the introduction of Consumer Credit (Cost Cap) Regulations in the UK in January the company recognised an impairment charge of $7.6 million in relation to UK operations.Normalised group EBITDA of $62.7 million was up 12.2 per cent on the previous corresponding period. The value of the Australian loan book grew 53.2 per cent to $74.6 million.