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(Alliance News) - Distribution Finance Capital Holdings PLC said Wednesday it has appointed Carl D'Ammassa as chief executive officer with effect no later than March 31.
He will be replacing Chris Dailey, who left the lending firm in November following an internal investigation into his personal conduct.
Non-Executive Director Henry Kenner became CEO on an acting basis, and will remain so until D'Ammassa takes up the role.
D'Ammassa will be joining Distribution Finance from financial services firm White Oak UK, where he was CEO since July 2019. Prior to that, he was part of specialist bank Aldermore Group PLC for six years from 2013 to 2019, leaving as group managing director.
Also on Wednesday, Distribution Finance said its business has remained robust, with its unaudited loan book at the end of 2019 at GBP208 million, reflecting annualised growth of 82% compared to 2018.
Distribution Finance said its origination remains strong, but the delay to obtaining a banking licence will have an impact on its ability to satisfy all the demand for its products.
As a result, the company will pursue a strategy that will likely impact its gross revenue for 2020, but be more appropriate regarding costs, products and pricing. Looking ahead, Distribution Finance's priority remains the securing a banking licence.
"We are delighted to have secured the talents of Carl at this pivotal moment for the company as we continue to implement our wider business strategy. Carl brings an enormous depth of experience to the company and we are excited about the leadership that he will bring to the business," said Chair John Baines.
Shares in Distribution Finance - which is based in London - were down 4.4% at 87.0 pence on Wednesday.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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