Cabot Credit Management’s US owner Encore has confirmed Craig Buick will replace Stannard by the end of 2019.
Stannard joined Marlin Financial Group in 2012 and became Cabot’s chief executive in 2014 when Cabot acquired Marlin. Cabot said he was “instrumental” as the business moved from being partially owned by Encore to becoming a wholly owned subsidiary in 2018. With the integration of Cabot into the Encore Capital Group now complete, it said he has decided “the time is right to step down from his role”.
Buick has served as the chief financial officer (CFO) of Cabot, working alongside Stannard since 2016. Buick qualified as a chartered accountant with PwC and held various senior finance and audit leadership roles within the big four firm and GE Capital across Europe before joining Cabot.
“Craig is a seasoned leader with a strong financial background, a track record of execution and proven leadership capabilities. He has a deep understanding of our products and the complex European markets,” said Stannard.
With Buick’s appointment to the chief executive role, Christian Burgess will assume the Cabot CFO role. Burgess is a chartered accountant and joined Cabot in 2018 as the European finance director, overseeing the European businesses which include France, Spain, Ireland and other developing markets. Prior to Cabot, Burgess was a managing director at Deutsche Bank and held various senior roles there for nearly 15 years.
“We thank Ken for his service and wish him and his family all the best. We are fortunate to have someone of the caliber and experience of Craig to step up to lead our Cabot business,” said Encore chief executive Ashish Masih. “These transitions are the result of our effective succession planning process and keep Cabot, and ultimately Encore, optimally positioned for continued long-term success and growth."