February 1, 2018 / 10:15 PM / 10 months ago

Provident Financial to name Malcolm Le ‎May as new CEO - Sky News

(Reuters) - British lender Provident Financial Plc will appoint its interim executive chairman, Malcolm Le May, as the company’s new chief executive, Sky News reported on Thursday.

Provident Financial is expected to make an announcement about the appointment on Friday, the report said, citing sources. bit.ly/2FytApB

A representative from Provident Financial said the company did not have a comment on the report.

The lender’s senior independent director, Stuart Sinclair, is expected to become the acting chairman as the board finds a long term chair, the report said.

Le May took over as interim chair in November after the sudden death of then chairman Manjit Wolstenholme.

Wolstenholme, who joined Provident’s board in 2007, became executive chairman in August after Peter Crook, who was its CEO for more than 10 years, stepped down.

The sub-prime lender is battling unresolved problems at its door-to-door lending business which has suffered from a botched reorganisation that led to a profit warning, the departure of its CEO and a share price plunge.

Reporting by Kanishka Singh

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