Provident Financial has appointed Malcolm Le May as chief executive officer, supported by a number of other appointments and reshuffling among the company’s senior roles.
Le May had taken over as interim executive chairman, from independent director, in December.
His appointment is effective immediately, and was reached after discussions with shareholders and the Financial Conduct Authority (FCA), which is currently holding two distinct investigations into the group’s Vanquis and Moneybarn businesses.
Le May’s appointment was accompanied by a number of other moves and hires.
Chris Sweeney, currently managing director of credit card business Vanquis Bank, will also be assigned the role of deputy group chief executive once the FCA’s investigation into Vanquis’s Repayment Option Plan product is resolved.
Chris Gillespie’s position as managing director of the troubled Consumer Credit Division (CCD) has become permanent, while Steve Grigg was appointed interim group chief information & technology officer.
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The board of directors has begun looking for a new external chairman, with Stuart Sinclair taking on Le May’s position on an interim basis. Andrea Blance, in turn, has replaced Sinclair as senior independent director.
Stuart Sinclair, who led the search for the new 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 turn around of Provident Financial Group as the new group chief executive officer.”
Le May said: “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.”
Earlier this week, four former Provident executives, including Andy Parkinson, predecessor of Gillespie as managing director of CCD, were suing Provident for unfair dismissal.
In January, Provident said CCD was facing a £120m loss from its ongoing woes, at the upper end of guidance provided in August. Moneybarn and Vanquis, meanwhile, were reported to be making improvements.