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Provident Financial names new CEO

Provident Financial Plc named Malcolm Le May as its new group CEO, effective Feb. 2.

Le May had been interim executive chairman since the death of Manjit Wolstenholme in November 2017.

The company said that it had initiated a process to appoint a new external chairman as well as two additional nonexecutive directors "as soon as practicable." Stuart Sinclair, who replaced Le May as senior independent director when the latter became interim executive chairman, will serve as interim chairman. The senior independent director role will now be taken over by Andrea Blance.

In addition, Provident Financial said it continues to be in talks with the U.K. Financial Conduct Authority over the latter's investigations into the lending practices of units Vanquis Bank Ltd. and Moneybarn.

The company said in January that it expects to report a pre-exceptional loss of about £120 million at its consumer credit division for the full year 2017 due to problems at its home credit business. Provident Financial said the home credit division "continues to make good operational progress."

Chris Sweeney, managing director at Vanquis Bank, will continue to focus on leadership of the lender and the resolution of the repayment option plan. Following completion of the repayment option plan, the board intends to appoint Sweeney as deputy group CEO in addition to his role at Vanquis Bank.

Furthermore, Provident Financial named Steve Grigg interim group chief information and technology officer, and announced the permanent appointment of Chris Gillespie as managing director for its consumer credit division.

Separately, Hastings Group Holdings Plc said Le May has stepped down as a nonexecutive director of the company. The effective date of Le May's resignation is yet to be decided. Le May has been a member of Hasting Group's board since September 2015.