Provident Financial PLC Board Changes for PFG and Vanquis Bank (2723Y)
13 Enero 2022 - 01:00AM
UK Regulatory
TIDMPFG
RNS Number : 2723Y
Provident Financial PLC
13 January 2022
Provident Financial plc
Announcement of Board Changes for PFG and Vanquis Bank
PFG announces the next phase of its strategy to reinforce its
position as a leading specialist bank with a focus on the
financially underserved. With effect from today, PFG has
restructured the Board of Vanquis Bank to substantially align its
membership with the Board of PFG. This is an important step in the
execution of the Group's specialist bank strategy, which includes
the wider use of retail deposit funding across the Group from
H2'22. PFG believes that streamlining the Boards of the two legal
entities in this way will create a simpler, more efficient Group
governance structure, whilst streamlining and enhancing both PFG
and Vanquis Bank's handling of corporate governance.
As part of the new governance structure, and with effect from
today, the following directors of PFG have each been appointed to
the Board of Vanquis Bank, such that they now hold roles on the PFG
and Vanquis Bank Boards, as well as to the relevant Board
Committees of Vanquis Bank: Patrick Snowball (Chairman), Malcolm Le
May(1) (Chief Executive Officer), Neeraj Kapur(1) (Chief Financial
Officer), Andrea Blance (SID and Remuneration Committee Chair),
Angela Knight (NED), Paul Hewitt (NED), Graham Lindsay (NED) and
Margot James (NED). Elizabeth Chambers will retain her position on
the PFG Board as an Independent Non-Executive.
Subject to receipt of applicable regulatory approvals, Angela
Knight will take on the role of Risk Committee Chair of Vanquis
Bank and Paul Hewitt will take on the role of Audit Committee Chair
of Vanquis Bank.
As a consequence of these changes, Robert East (Independent
Non-Executive Director on PFG Board and Chairman of Vanquis Bank)
will step down from the PFG Board and Vanquis Bank Board with
effect from today. Each of the other existing Non-Executive
Directors on the Vanquis Bank Board will step down from the Vanquis
Bank Board with effect from today.
In addition, Neil Chandler (Managing Director) and Gary Thompson
(Finance Director) of Vanquis Bank have decided to leave PFG. They
will each step down from their roles as directors on the Vanquis
Bank Board as of today's date and will leave PFG on 31 March 2022
following a handover period.
Patrick Snowball, Chairman of PFG commented: "I would like to
thank Robert for his Chairmanship of the Vanquis Board and his
support and thoughtful contributions as a member of the Group
Board. I would also like to extend my gratitude to the other
departing members of the Vanquis Bank Board for their help and
support."
Malcolm Le May, CEO of PFG commented: "Neil Chandler and Gary
Thompson successfully managed Vanquis Bank during the pandemic
whilst also developing its loan proposition, a key strategic
objective, and have guided the division back to receivables growth.
I thank them for their dedication and wish them the best for their
future endeavours."
Other than the resignation referred to above, the Board of PFG
remains unchanged.
Enquiries:
Analysts and shareholders:
Owen Jones, Group Head of Investor
Relations, PFG 07341 007842
Owen.jones@providentfinancial.com
Media:
Richard King, Group Corporate
Communications, PFG
Richard.king@providentfinancial.com 07919 866876
Nick Cosgrove/Simone Selzer, Brunswick 0207 4045959
providentfinancial@brunswickgroup.com
(1) Malcolm Le May and Neeraj Kapur are existing non-executive
members of the Vanquis Bank Board. However, the changes being
announced today will see them, having had regulatory approval, take
up executive positions as CEO and CFO on the Vanquis Bank
Board.
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END
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January 13, 2022 02:00 ET (07:00 GMT)
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