Frp Advisory Group Regulatory News (FRP)

6 May 2008 07:03

Fairpoint Group PLC06 May 2008 6 May 2008 FAIRPOINT GROUP PLC BOARD CHANGE Fairpoint Group plc ("Fairpoint" or "the Group"), a leading provider of adviceand solutions to financially stressed consumers, is pleased to announce theappointment of Christopher Moat as Chief Executive Officer. Chris will take upthe position on 6 May 2008 when he will join the Board. He succeeds AndrewRedmond, who will become non-executive Deputy Chairman. Chris Moat (aged 40) brings a wealth of experience from highly successfulretail-focused, marketing led financial services businesses. Chris has held anumber of senior general management positions and has experience across a widerange of leading financial services companies. Most recently, Chris held avariety of general management roles for Royal Bank of Scotland Group. Theseincluded Managing Director of Direct Line, Managing Director of Motoring andDirectorships of Churchill Insurance and Green Flag. Prior to that, Chris wasManaging Director of RBS's Partnerships division, where he helped grow keypartners such as Tesco Insurance and Virgin Money's insurance offering. Chris'sprevious roles also include Director of Lending at GUS Home Shopping and Head ofConsumer Direct at GE Capital Bank. Mike Blackburn, Chairman of Fairpoint, commented: "As part of Fairpoint's newstrategic direction announced late last year, Andy Redmond and the Boarddetermined that the next phase of the development of the Group called for theappointment of a Chief Executive with a wider financial services background. Arigorous search has produced an outstanding successor. Andy's contribution tothe business that he founded and has lead since 1997 has been exceptional and Iam delighted that he will continue to play an active part within the Group afterensuring a smooth transition of his responsibilities to Chris. Chris has alreadybeen working alongside Andy in a consulting capacity for several weeks and atransition plan is well underway. "Chris's experience and expertise is entirely relevant to Fairpoint as the Groupexpands its product offering to become the UK's largest and most respectedprovider of financial advice, solutions and services dedicated to financiallystressed consumers. We expect to continue to strengthen the Board as we ensure the right leadershipis in place to deliver the next phase of the Company's growth." Andy Redmond said: "In Chris Moat I believe we have found the ideal candidate totake the Group forward. It is the right time for me to step back from day to dayresponsibility and I am looking forward to my continuing involvement in anon-executive capacity." Chris Moat commented: "I'm delighted to be joining the market leader in IVAs andvery much look forward to consolidating that position, and driving thetransition of the business into a broader based financial services business." In the previous five years Chris Moat has been a director of the followingcompanies: Current Directorships Previous Directorships None RBS Group Insurance Services Limited RBS Insurance Services Limited Tracker Network (UK) Limited Tracker Network Limited Sledgebrook Limited Kickshaws Limited Direct Line Insurance plc Direct Line Life Insurance Ltd Direct Line Unit Trusts Ltd Churchill Insurance Company Limited UK Insurance Company Limited Green Flag Group Ltd There is no further information, in relation to Chris Moat's appointment, whichis required to be disclosed pursuant to AIM Rule 17. Enquiries: Fairpoint Group plc 0845 296 0200Andy Redmond, Deputy ChairmanChris Moat, Chief Executive OfficerAndrew Heath, Company Secretary Numis SecuritiesChris Wilkinson 020 7260 1000Lee Aston Financial DynamicsEd Gascoigne-Pees 020 7269 7132Nick Henderson 020 7269 7114 Notes At Fairpoint we develop and operate consumer financial services businesses. We select markets or opportunities which show certain characteristics: • Growing and sustainable consumer demand. • Caused by deep-rooted market, regulatory or economic factors. • Where innovation and effective channel execution can give sustainable differentiation. As such our customers tend to be going through a period of life to which themass financial services market is unable to provide a solution. We make it our business to understand our customers in depth, to help themthrough their short term circumstances, and to continue that relationship, ifthey so choose, into the future. The solutions offered range from basic advice,such as simply destroying credit cards and curbing unnecessary expenditure, tothe following solutions: • consolidation loan• re-mortgage• informal arrangement• individual voluntary arrangement (IVA)• bankruptcy Fairpoint always seeks (unlike many of its competitors who sell specificproducts) to systematically and impartially deliver the best advice to theconsumer and recommend them the most appropriate solution. Over the last few years we have been very much focused on the over-indebtedmarket in the UK. Debt Free Direct has pioneered the debt advice and solutionsindustry and is a clear leader in the provision of IVAs, while Clear Start'simpartial approach has appealed to a new segment of consumers, and has helped totake the relationships with the banks into a new era. Our main objectives are to: • introduce to our existing customer base a further range of 'most wanted' financial products and solutions; • continue to increase our market share, in particular as the market goes through a phase of consolidation; • address the new growth market of cases where customers are over-extended on debt that is secured against their property. In the meantime we will continue to explore opportunities in markets that fitour investment criteria. Fairpoint is based in Chorley, Lancashire, and was admitted to AIM in December2002. This information is provided by RNS The company news service from the London Stock Exchange