14th Nov 2006 07:00
Provident Financial PLC14 November 2006 BOARD CHANGE AT PROVIDENT FINANCIAL Board change The Board of Provident Financial announces today that Robin Ashton will bestepping down from the Board as Chief Executive by mutual agreement at the endof 2006. Thereafter he will assist the Board as required before leaving theGroup in April 2007. The Board wishes to thank him for his dedication and hardwork and wishes him well for the future. From the end of the year, the Company's three executive directors will reportdirectly to the Chairman, John van Kuffeler, until the demerger of theInternational Division takes place. Current trading For the 10 months to October, the group as a whole is trading in line withexpectations despite Vanquis trading slightly below plan. In Hungary, webelieve that we have completed substantially all the changes required by thePSZAF, the Hungarian financial supervisory authority, and we are in discussionwith them regarding their approval to recommence writing new business. We havenow started the final two key trading months of the year and the normalpre-close trading statement will be made in the middle of December. John van Kuffeler, Chairman, said: "Provident Financial has two fundamentallystrong businesses in the UK and International and the Board is committed todelivering additional value for shareholders from the businesses. The Board,including Robin, agree that new skills and leadership will enable our businessesto capture the next phase of growth. Robin has proved to be a dedicated andhard-working chief executive and the Board wishes him well as he pursues newchallenges." Robin Ashton said: "I am proud to have led Provident Financial and to havehelped build and develop the businesses, particularly outside the UK, where theInternational business has expanded successfully from start-up loss to asubstantial profitable business operating in six countries. I believe that boththe UK and International businesses have excellent futures. There is aformidable team of people at Provident Financial and I thank them all." Enquiries: John van Kuffeler, Chairman - 020 7404 5959 Nigel Prideaux/Eilis Murphy, Brunswick - 020 7404 5959 John Moulding, Provident Financial: Today - 020 7404 5959 Thereafter - 01274 731111 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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