Malcolm Le May appointed as Group CEO of Provident Financial

- Leadership - Feb 02, 2018

Provident Financial Group has appointed acting Chairman Malcolm Le May as its new Group Chief Executive Officer.

The British lender, which normally sees annual revenues of over £1bn but which had a troubled 2017, has announced Le May as its replacement for Peter Cook, who resigned last August.

Cook stepped down after the company lost £1.7bn of its value through a share fire sale following the issue of its second major profit warning, with Le May now tasked with getting operations back on track.

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"My key objective is to execute a turn around of the group," said Le May, who has been on the board of Provident Financial since joining from Barclays, where he was co-head of banking in New York.

"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."

The Group has also announced a number of further changes to its leadership team, with Chris Sweeney lined up to be Deputy Chief Executive and Steve Grigg due to take over as interim Group CIO.

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