November 6, 2018 / 7:46 AM / 15 days ago

Sub-prime lender Provident's long-time CFO stepping down

(Reuters) - Provident Financial Plc’s (PFG.L) long-time finance boss Andrew Fisher is stepping down, the sub-prime lender said on Tuesday, as it works to rebuild its businesses after a botched reorganisation and a series of regulatory investigations.

The company named Simon Thomas, CFO of retirement services specialist Just Group (JUSTJ.L), as chief finance officer, with effect from Dec. 3.

“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,” said Fisher, which joined Provident as its finance head in 2006.

Provident Financial, which is trying to win back customers after prolonged problems at its home lending arm, said Fisher would step down when Thomas takes over, but will stay on for three months for an orderly handover. [nRSF4145Ga]

The company lost 70 percent of its value last year after a failed reorganisation of its home credit business led to two profit warnings, the departure of its CEO and the suspension of its dividend.

Thomas and has a strong financial services background, including consumer, retail banking and insurance, Provident said in a statement.

Reporting by Noor Zainab Hussain in Bengaluru; Editing by Saumyadeb Chakrabarty

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