Provident Financial Group appoints new CEO

Provident Financial Group has appointed Malcolm Le May as group chief executive with immediate effect.

This follows a board process led by Stuart Sinclair over recent months. The board believes that 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 Financial Conduct Authority (FCA). 

The board also notes that since the trading statement on the January 16 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 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 chief executive, 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 turnaround of Provident Financial Group as the new group chief executive officer.”

Malcolm Le May, the new chief executive, said: “My key objective is to execute a turnaround 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.”