PFG.L Regulatory News (PFG)

Provident Financial plc announces the appointment of Simon Thomas as Chief Finance Officer

Provident Financial plc is pleased to announce the appointment of Simon Thomas as Chief Finance Officer. Simon will join the Board and start as Chief Finance Officer on the 3rd December 2018.

Andrew Fisher, the current Finance Director will step down from the Provident Financial plc Board when Simon takes up his appointment, but will remain employed by the company for three months to provide an orderly handover.

Simon Thomas was previously Group Chief Financial Officer of Just Group plc, a FTSE 250 financial services company. He has a strong financial services background, including consumer, retail banking and insurance experience. His appointment follows a thorough process conducted by the Nominations Committee with the assistance of a leading executive search firm.

Malcolm Le May, Chief Executive Officer, Provident Financial plc said:

"I am delighted Simon Thomas has been appointed as the new Chief Finance Officer. I look forward to working with him as we drive Provident Financial forward. On behalf of the Board I would like to thank Andrew Fisher for his immense contribution, not only as Finance Director, but also as a Board member whose knowledge and insight has been invaluable to the group over many years."

Andrew Fisher, Finance Director, Provident Financial plc said:

"Over the last 18 months Provident Financial has come through a very difficult period. With the company's capital and liquidity position restored to one of strength, I have agreed with the Board that now is an appropriate time to step down as Finance Director. I would like to thank all those past and present talented colleagues who I have worked with over my 12 years at Provident Financial, many whom have become friends, and wish the company success for the future."

Simon Thomas said:

"I am very excited to be joining Provident Financial as its new Chief Finance Officer. The company has a strong social purpose and its customers need the access to credit the company provides. I look forward to working with Malcolm and the Board as we execute on the Group's strategy and deliver for our customers and shareholders."

The following information is disclosed in accordance with LR 9.6.13:

In accordance with the Listing Rules, there are no additional matters that would require disclosure under 9.6.13R of the Listing Rules of the UK Financial Conduct Authority.

Inside Information 

This announcement is being disclosed in accordance with the Market Abuse Regulation (EU596/2014) and has been determined to contain inside information in line with the definition therein.

Notes to editors

1. Provident Financial plc is the leading provider of credit products to those consumers who are not well served by mainstream lenders. The group serves 2.5 million customers and its operations consist of Vanquis Bank, the Consumer Credit Division (CCD) comprising Home Credit and Satsuma, and Moneybarn.

2. Simon Thomas was appointed Group Chief Financial Officer of Just Group plc in April 2016, and left the company on 31st October 2018. He was previously Group Finance Director of Just Retirement Group plc from August 2013 until April 2016, and was appointed as Group Finance Director of Just Retirement (Holdings) Limited in July 2006. Previously, he was Finance and Customer Services Director at Canada Life Limited, the UK subsidiary of Great West Life. Prior to this, Simon was Head of Finance at HECM Limited (formerly Equitable Life) and spent 10 years at Nationwide Building Society, latterly as Group Financial Controller. Simon has over 16 years' experience in the UK life assurance industry, and is a Chartered Accountant.

3. Andrew Fisher joined the Board Provident Financial plc on 17 May 2006 as Finance Director. He was previously Finance Director of Premier Farnell plc and a partner at Price Waterhouse LLP. He is also a non-executive director of Arrow Global Group plc.