0 £0.00
This item was added to your basket

Dear visitor,
You are viewing 1 of your 2 free articles

We’ve made wider, important changes to our print and online content to enhance the value of exclusive, insightful, discerning content we create every day. Support valuable editorial content by becoming a member of our Credit Club - register for free or choose a paid plan.

Register now or Login

Provident appoints chairman as CEO

Provident Financial Group has appointed its chairman, Malcolm Le May, as group chief executive with immediate effect.

Amber-Ainsley   Pritchard

Share on LinkedInShare on Twitter
Amber-Ainsley   Pritchard
Share on LinkedInShare on Twitter

This follows a board process led by Stuart Sinclair, now acting as interim chairman, over recent months.


Provident said its board believes that Le May is an outstanding candidate for the role, given his existing knowledge of the group, his regulatory understanding, and turnaround and leadership skills.


In making this decision the board has consulted with some of its leading shareholders and discussed the appointment with the Financial Conduct Authority (FCA).


The board also notes that since the trading statement on the January 16 2018, home credit continues to make good operational progress, and discussions continue with the FCA in relation to the Vanquis Bank and Moneybarn investigations.


Sinclair 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 turnaround of Provident Financial Group as the new group chief executive.”


Le May said: “My key objective is to execute a turnaround of the group. We will re-establish a stronger customer focused business; conclude with our regulators the issues surrounding Vanquis Bank and Moneybarn.”


Provident has also announced a number of senior appointments to drive the execution of the group’s strategy under Le May:



  • Chris Sweeney, managing director of Vanquis Bank, will continue to focus on leadership of Vanquis Bank and the successful resolution of ROP; once this has been achieved the board intends to appoint him as deputy group chief executive in addition to his Vanquis Bank role;
  • The permanent appointment of Chris Gillespie, managing director of the consumer credit division, who will continue to focus on its continued successful turnaround;
  • The appointment of Steve Grigg, as interim group chief information and technology officer, to define the group’s long-term IT architecture.



  • The board has instigated a process to appoint a new external chairman as well as two additional non-executive directors as soon as practicable;
  • The appointment of Stuart Sinclair as interim chairman, with Sinclair moving to this role from that of senior independent director;
  • The appointment of Andrea Blance as the new senior independent director.



Lowell sees portfolio acquisitions double in Q1 2018

Credit management services provider Lowell has seen portfolio acquisitions grow 102 percent in the first quarter of 2018 compared to the same period last year

CSA: Customers should not pay to evidence mental health

The Credit Services Association has issued guidance to members advising them not to request a costly debt and mental heath evidence form unless it is completely necessary

MPs: Carillion board “negligent or complicit” in company failure

Carillion’s board was responsible for its “rotten corporate culture” and was either “negligent or complicit” in the company’s collapse, MPs have said in a joint report

Revealed: The Credit Awards winners 2018

The full list of winners of the Credit Awards 2018 has now been revealed, after a memorable night at the Grosvenor House hotel in Mayfair

The CS Interview

Anne Boden on Starling Bank's growth plans and gender diversity

Anne Boden on Starling Bank's growth plans and gender diversity


How much is a modern debt purchaser worth?

How much is a modern debt purchaser worth?


FCA aims on affordable lending nigh on impossible

FCA aims on affordable lending nigh on impossible

Credit 500 - 2018/2019

The new Credit 500 - an index of influence in commercial and consumer credit - has been unveiled
Share on LinkedInShare on Twitter

The new Credit 500 - an index of influence in commercial and consumer credit - has been unveiled

Credit Strategy
LinkedIn page

Did you find our website useful?

Thank you for your input

Thank you for your feedback

creditstrategy.co.uk – an online news and information service for the UK’s commercial and consumer credit industry. creditstrategy.co.uk is published by Shard Financial Media Limited, registered in England & Wales as 5481132, Axe & Bottle Court, 70 Newcomen St, London, SE1 1YT. All rights reserved. Credit Strategy is committed to diversity in the workplace.
@ Copyright Shard Media Group