TIDMPFG
RNS Number : 7110D
Provident Financial PLC
02 February 2018
This announcement contains inside information for the purposes
of article 7 of the Market Abuse Regulation (EU) No 596/2014
Provident Financial plc
Board Change
02 February 2018
Provident Financial Group appoints Malcolm Le May as Group Chief
Executive Officer
Provident Financial Group is pleased to announce the appointment
of Malcolm Le May as Group Chief Executive Officer, with immediate
effect. This follows a Board process led by Stuart Sinclair over
recent months. The Board believes that Malcolm Le May is an
outstanding candidate for the role, given his existing knowledge of
the Group, his deep knowledge of the business and sector, his
regulatory understanding and turn-around and leadership skills. In
making this decision the Board has consulted with certain of its
leading shareholders and discussed his appointment with the
FCA.
The Board also notes that since the trading statement on the
16(th) January 2018, Home Credit continues to make good operational
progress, and discussions continue with the FCA in relation to the
Vanquis Bank and Moneybarn investigations.
The company also announces a number of senior appointments to
drive the execution of the Group's strategy under Malcolm Le May to
serve customers better, enhance our relationship with the
regulators, and to restore sustainable attractive returns for our
shareholders:
Executive
-- Chris Sweeney, MD Vanquis Bank, will continue to focus on
leadership of Vanquis Bank and the successful resolution of ROP;
once this has been achieved the Board intends to appoint him as
Deputy Group Chief Executive Officer in addition to his Vanquis
Bank role,
-- The permanent appointment of Chris Gillespie, MD Consumer
Credit Division, who will continue to focus on its continued
successful turn around,
-- The appointment of Steve Grigg, as interim Group Chief
Information & Technology Officer, to define the group's
long-term IT architecture.
Board
-- The Board has instigated a process to appoint a new external
Chairman as well as two additional non-executive directors as soon
as practicable,
-- The appointment of Stuart Sinclair as Interim Chairman, with
Stuart moving to this role from that of Senior Independent
Director, and
-- The appointment of Andrea Blance, as the new Senior Independent Director (SID).
Stuart Sinclair, who led the Nomination Committee process to
appoint the new Group CEO said: "It became clear to the Board as
the search was progressing that the Executive Chairman who has been
instrumental in driving the business forward over recent months was
the best person to complete the turn around of Provident Financial
Group as the new Group Chief Executive Officer."
Malcolm Le May, the new CEO said on his appointment: "My key
objective is to execute a turn around of the group. We will
re-establish a stronger customer focused business; conclude with
our regulators the issues surrounding Vanquis Bank and Moneybarn;
continue the progress being made in our Home Credit business and
restore it as the pre-eminent business in its market; and ensure
our businesses collaborate for the benefit of our customers and our
shareholders."
Enquiries:
Media
Richard King/Jade Byrne, Provident
Financial 01274351900/0203 620 3073
Nick Cosgrove/Charlie Pretzlik,
Brunswick 020 7404 5959
Investor Relations
Gary Thompson/Vicki Turner, Provident
Financial 01274 351900
investors@providentfinancial.com
Notes to Editors
1. The Board appointed Zygos search firm to help appoint a new
CEO. A short list of internal and external candidates was presented
to the Nominations Committee. In December the Board asked Malcolm
Le May to consider being a candidate, at which time Stuart Sinclair
became the Committee Chair.
2. Malcolm Le May was appointed to the Board in 2014 as an
independent non-executive director and senior independent director.
Following the sudden death of Executive Chairman, Manjit
Wolstenholme, he was appointed as Interim Executive Chairman in
November 2017.
Previously he was Co-head of banking for Barclays in New York,
and helped rebuild its US franchise. He was also head of investment
banking, Europe at UBS. At ING Barings, he was global head of
broking and investment banking. As deputy CEO at Morley Fund
Management (now Aviva Investors) he contributed to it becoming a
significant player in UK fund management. He was a non-executive
director of RSA. He is the senior independent director of IG Group
Holdings plc, a non-executive director of Hastings Group Holdings
plc, a trustee of the Grange Festival and partner at Opus Corporate
Finance. He will be stepping down as an equity partner in Opus
Corporate Finance and as a non-executive director in Hastings Group
Holdings plc.
3. Stuart Sinclair was appointed to the Board in 2012 as an
independent non-executive director, and was appointed senior
independent director in November 2017. During his career Stuart has
held senior leadership positions in several financial service
companies including as Chairman of GE Capital China and GE Capital
Bank (UK), chief executive officer of Tesco Personal Finance,
director of Virgin Direct and director of Retail Banking at The
Royal Bank of Scotland. Currently Stuart is the senior independent
director of QBE Insurance (Europe) Limited and QBE Underwriting
Limited, and also a non-executive director of Lloyds Bank plc,
Lloyds Banking Group Limited, Bank of Scotland plc and HBOS
plc.
4. Andrea Blance was appointed to the Board in March 2017 as an
independent non-executive director. She held a variety of finance
roles during a 29 year career at Legal & General Group plc.
Latterly she led the strategy and marketing functions and prior to
this she was group chief risk officer where she led contact with
the regulator. She is a fellow of the Association of Chartered
Certified Accountants and holds degrees from the London School of
Economics and City University. She is also non-executive director
at Scottish Widows and Lloyds Banking Group's insurance division
where she chairs the risk oversight committee.
5. Chris Sweeney is MD of Vanquis Bank. Chris joined Vanquis
Bank in January 2016 to continue its sustainable growth trajectory.
Prior to joining Vanquis Bank Chris was in 2010 the Chief Executive
of Personal Banking, International at Standard Bank, and became
Group Executive of Card Payment Solutions in January 2013 at
Standard Bank. Between 2001 and 2010 he worked for Barclaycard and
Barclays, across the UK, Europe and Africa. Chris has an BSc (Hons)
degree in Chemistry from the University of Birmingham and has
completed the Advanced Management Programme at Harvard Business
School.
6. Chris Gillespie is the MD of CCD. He re-joined the Group on
25 August 2017, where he had previously been the MD of CCD between
2007 and 2013. Since leaving the Group, he has had extensive
consumer credit experience as CEO of Albermarle & Bond Holdings
plc, Amigo Loans Ltd, and 118118 Money. Prior to joining CCD in
2007, he held senior roles at Barclays, HFC Bank and Bradford &
Bingley.
7. Steve Grigg has worked in Government, large blue chip private
and public companies, and start-ups, such as MasterCard, Travelex,
Reuters and VocaLink, both in the UK and overseas. His all-round
management record spans all executive C-suite technology roles,
along with CEO roles in Payments Infrastructure and Cards Programme
Management companies.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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