The UK’s largest rent-to-own provider BrightHouse has announced that chief executive Hamish Paton (pictured left) will leave to “take up an opportunity outside the BrightHouse Group”.
Paton has spent twelve years at the company, including and two years as chief executive.
Over Paton’s tenure as chief executive, the BrightHouse has faced substantial change, particularly in regulation after the Financial Conduct Authority (FCA) assumed jurisdiction over its sector. In October 2017, the lender was required to pay £14.8m in redress to around 249,000 customers.
Alongside that, Paton led a refinancing of the company’s debt and engagement with the FCA through the period of the high-cost credit review.
BrightHouse chairman, Stuart Deane, said: “Hamish has played a pivotal role in the successful turnaround of BrightHouse. It has been a real pleasure to have worked with him.
“I wish him all the best in his new role and am grateful that he has agreed to stay on for the next few months to help us achieve a smooth transition. The search for his successor has started.”
Paton said: “It has been a privilege to lead BrightHouse and I would like to thank all of my colleagues for their support and hard work over the years. The passion to help customers, evident throughout the business, has inspired and motivated me. It is this passion and pride that will drive the business forward in the coming years.”
No timeline has been set for Paton’s departure, but BrightHouse confirmed to Credit Strategy that it is “keen to ensure a smooth transition” and that Paton has agreed to remain for “a number of months as the recruitment process progresses”.