Morses Club announces board departures

Sub-prime lender Morses Club has announced that Non-Executive Director Sir Nigel Knowles has relinquished the chairmanship to concentrate on his role as CEO at law firm DWF Group.

Knowles joined the Morses Club board in May 2016 as senior independent director before becoming chair in March 2022. He will leave the role with immediate effect.

The lender also announced that Michael Yeates will be stepping down from the board with effect from 4th November 2022. Yeates joined the board in May 2021 as an Independent Non-Executive Director. Yeates joined the Morses board in order to bring his significant experience in the retail banking sector to developing a retail banking offer. Following a change in business strategy to focus on the development of non-standard credit services.

Gary Marshall, Chief Executive Officer of Morses Club, said “We would like to thank both Sir Nigel and Michael for their contribution to the Board during their time with us, and for their continued support during a period of considerable change. We wish them both the very best for the future.”

“We will commence the search for Board replacements immediately, with careful consideration for Morses Club’s future business and funding strategy and as we continue to work up the detail of a potential Scheme of Arrangement.”