Malcolm Le May appointed as Group CEO of Provident Financial
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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