1st Nov 2018 08:50
LONDON (Alliance News) - FTSE 250-listed sub-prime lender Provident Financial PLC said on Thursday that Chris Sweeney, managing director of subsidiary Vanquis Bank, will step down from his role with immediate effect.
He will remain at Provident Financial until the end of April 2019 to ensure an orderly transition.
He will be replaced by group Chief Executive Officer Malcolm Le May on an interim basis, until a successor has been announced.
Sweeney has been part of Provident Financial for two years since 2016, and before that was group executive for the Cards and Payment Solutions division at South Africa-listed Standard Bank Group Ltd for three years from 2012 to 2015.
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.
"On behalf of the group I would like to thank Chris for his successful management of Vanquis Bank, and for steering it through a period of operational difficulty. Chris has also driven forward the bank's key digitalistion agenda, with over 850,000 customers now on the mobile app, and I wish him all the best for the future," Le May said.
Shares in Provident Financial were up 1.5% at 518.20 pence on Thursday.
Related Shares:
PFG.L