Provident Financial Group has announced the appointment of Malcolm Le May as Group Chief Executive Officer (CEO), with immediate effect. This follows a Board process led by Stuart Sinclair over recent months.

Stuart Sinclair, who led the Nomination Committee process to appoint the new Group CEO said: “It became clear to the Board as the search was progressing that the Executive Chairman who has been instrumental in driving the business forward over recent months was the best person to complete the turn around of Provident Financial Group as the new Group Chief Executive Officer.”

Malcolm Le May, the new CEO said on his appointment “My key objective is to execute a turn around of the group. We will re-establish a stronger customer-focused business; conclude with our regulators the issues surrounding Vanquis Bank and Moneybarn; continue the progress being made in our Home Credit business and restore it as the pre-eminent business in its market and ensure our businesses collaborate for the benefit of our customers and our shareholders.”