Provident axes and replaces managing director

Provident financial has hired its former managing director, Chris Gillespie, to replace the current director with immediate effect.

Provident axes and replaces managing director

The appointment was announced in a statement from the home credit business last week (August 25).

Provident’s executive chairman, Manjit Wolstenholme, has begun a review into the business including changes to the consumer credit division’s management structure.

Wolstenholme said: “My review of the business is ongoing as we move towards stabilising the Provident home credit business and improving the service to our customers.

“These are my first appointments and I intend to work closely with the new team on turning the home credit business around and to putting a plan in place to deliver good results for the company.”

This follows the news that Provident’s chief executive, Peter Crook, resigned on August 22 after a restructure dismantled the sales and collections performance in the lender’s home credit business.

Gillespie, who returns to the company as managing director, stepped down from the role in 2013 to pursue other roles including chief executive positions at Amigo Loans and 118118 Money.

He will replace the current managing director, Andy Parkinson, with immediate effect. Provident confirmed that Parkinson has left the business altogether.

Provident said Gillespie will focus on re-establishing relationships with customers, bringing collections back to a normal level, and stabilising the operation of the business.

Luke Enock, head of Satsuma Loans and director of online for the consumer credit division, will also take on the role of deputy managing director of the home credit business.

Enock will be joined by Greg Cant, director of corporate finance and development at Provident, to provide further project management expertise.