13th Nov 2008 09:27
The Paragon Group of Companies PLC
13 November 2008
The Paragon Group of Companies PLC ("Paragon") has decided to restructure board responsibilities to position itself for the environment going forward. The reorganisation has resulted in the removal of the role of Chief Operating Officer.
Consequently, Pawan Pandya will be leaving the company today. His responsibilities, which included consumer loan servicing, IT and support services, will be managed elsewhere in the Group.
This decision follows exercises earlier in the year which resulted in a 30% reduction in the Group's headcount, reflecting the changing economic environment.
Paragon's chairman Bob Dench said: "I would like to thank Pawan for his considerable contribution over the years. He has been a loyal and committed member of our team and I would like to thank him personally for his support. We wish him every success for the future".
Pawan Pandya commented: "I have enjoyed the last twenty years at Paragon and I wish the company all the best for the future. I am now looking forward to the new challenges ahead of me".
For further information please contact:
John G Gemmell
Company Secretary
Tel: 0121 712 2075
Related Shares:
Paragon Group