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Provident drops FY'17 dividend, says search for new CEO underway

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Provident drops FY'17 dividend, says search for new CEO underway

Provident Financial Plc confirmed that it will not pay a dividend for the full year, and said it has appointed an independent agency to conduct a search for a new CEO.

In a trading statement covering the period from July 1 to Oct. 12, the U.K.-based subprime lender said it developed a recovery plan for its home credit business aimed at re-establishing relationships with customers, stabilizing the business and improving collections performance.

Provident also noted that unit Vanquis Bank Ltd. continues to cooperate with the U.K. Financial Conduct Authority with regards to the regulator's probe on whether Provident missold Vanquis Bank's repayment option plan to its borrowers.

In August, Provident dropped to the FTSE 250 index from the FTSE 100 index after it announced a profit warning and the cancellation of a previously declared dividend, in addition to the departure of then-CEO Peter Crook.