Consumer Credit Division Management Update

Consumer Credit Division Management Structure Update

Following Provident Financial Group's trading announcement on Tuesday 22 August relating to the disruption in the home credit business, Executive Chair, Manjit Wolstenholme, has begun a review of the business and today announced the following changes to the Consumer Credit Division (CCD) management structure.

Chris Gillespie has been appointed Managing Director of the Provident home credit business, replacing Andy Parkinson, with immediate effect. Chris Gillespie has worked for PFG before, but stepped down from his role as Managing Director of CCD in 2013 to pursue career opportunities elsewhere. Chris Gillespie's focus as the new Managing Director will be on re-establishing relationships with customers, bringing collections back to a normal level, and stabilising the operation of the business.

Chris Gillespie will be supported by expertise from across the Group. Luke Enock, who will continue his role leading Satsuma and the analytics agenda for CCD, will now also take on the role of Deputy Managing Director of the home credit business. He will be joined by Greg Cant, Director of Corporate Finance and Development at PFG, to provide further project management expertise.

Manjit Wolstenholme, Executive Chair, commented "My review of the business is ongoing as we move towards stabilising the Provident home credit business and improving the service to our customers. These are my first appointments and I intend to work closely with the new team on turning the home credit business around and to putting a plan in place to deliver good results for the company."