Provident Financial Group, based in Bradford with brands including Vanquis Bank and Moneybarn, has appointed Malcolm Le May as group chief executive officer.
The board has explained it believes that Le May is an “outstanding candidate” for the role, and comes after Peter Crook was booted from the role as the company’s chief executive following a profit warning nearly six months ago.
Le May, said on his appointment: “My key objective is to execute a turn around of the group. 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.”
Le May, formerly at Barclays, ING Barings and UBS, has been on Provident’s board since 2014.
Stuart Sinclair, who led the nomination committee process to appoint the new Group CEO added: “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 turn around of Provident Financial Group as the new group chief executive officer.”