(Alliance News) - Paragon Banking Group PLC on Thursday said that Peter Hartill will not from the company's board as previously announced in financial 2019 results.
Hartill serves as a non-executive director, chair of the audit committee and senior independent director of Paragon.
"The Corporate Governance Code recognises the need for a board's committees to have a combination of skills, experience and knowledge and also that the membership should be regularly refreshed. After giving thorough consideration to the matter, the board considers that Peter Hartill's independence, skills and experience allow him to continue to make a very effective contribution as a non-executive director, senior independent director and audit committee chair. The board is focused on finding a replacement for Peter but will not compromise on quality and a suitable transition period," Paragon said in a statement.
The mortgage and personal loans provider intends to appoint a new audit committee chair soon. Subject to his re-election at the 2020 annual general meeting on February 13, 2020, Hawrtill will remain as a director and as senior independent director until the appointment of a new senior independent director.
Paragon Banking shares were up 0.8% at 484.00 pence each in London on Thursday afternoon.
By Tapan Panchal; tapanpanchal@alliancenews.com
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Paragon Group (PAG)