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(Alliance News) - Distribution Finance Capital Holdings PLC said on Monday that Chris Dailey, chief executive officer, has left the company following an internal investigation into his personal conduct.
The lending firm did not provide further details about the probe.
The company said it has appointed Henry Kenner, an existing non-executive director of the company, as acting chief executive officer. Kenner was responsible for the initial investment in and creation of the company in 2016 and has been actively involved ever since. The company said it will now commence a search for a new CEO.
The lender said Prudential Regulation Authority continues to consider its bank licence application and the company has informed them about the departure of CEO Dailey.
"The board understands that a bank licence cannot be granted before a permanent and approved chief executive officer is appointed. This important appointment is unlikely to be before the end of 2019," the company noted.
Distribution Finance also said that the company continued to trade well with gross new lending exceeding GBP50 million in September.
"The consequences of today's announcement are not currently expected to have any significant effect on the company's results for the year ended December 31," Distribution Finance said.
Distribution Finance shares were up 1.5% in London at 132.00 pence each on Monday afternoon.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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