6th Nov 2018 08:41
LONDON (Alliance News) - Provident Financial PLC said Tuesday it has hired retirement insurance specialist Just Group PLC's former Chief Financial Officer Simon Thomas as its own finance chief, effective from December 3.
Current Provident Finance Director Andrew Fisher will step down from the board when Thomas takes up his role but will stay with the company for three months to provide an "orderly handover".
Thomas was CFO at Just Group for 12 years but left at the end of October.
Provident Chief Executive Malcolm Le May said: "I am delighted Simon Thomas has been appointed as the new chief financial officer. I look forward to working with him as we drive Provident Financial forward.
"On behalf of the board I would like to thank Andrew Fisher for his immense contribution, not only as finance director, but also as a board member whose knowledge and insight has been invaluable to the group over many years."
Shares in Provident Financial were up 1.7% Tuesday at 546.40 pence each.
The FTSE 250-listed sub-prime lender, on Thursday last week, said the managing director of subsidiary Vanquis Bank, Chris Sweeney, was stepping down from his role with immediate effect.
He is being replaced by group CEO Le May on an interim basis, until a successor has been announced.
In February the Financial Conduct Authority fined Provident around GBP2.0 million, following an investigation over Vanquis's failure to disclose charges on its repayment option plan ancillary product. The company also was required to compensate its customers to the tune of GBP168.8 million.
Provident said the repayment option refund programme is currently underway, and is expected to be completed in early 2019.
For the six months to June 30, Provident Financial posted pretax profit of GBP34.6 million, down sharply from GBP90.0 million a year before, on a revenue of GBP572.5 million and GBP619.4 million, respectively. Total costs, including administrative expenses and impairments stood at GBP537.9 million versus GBP529.4 million.
Related Shares:
PFG.LJust Group