Bradford-based Vanquis Banking Group plc — formerly known as Provident Financial — announced on Friday that its chairman Patrick Snowball has informed the board of his intention to step down in 2023.
This follows the recent news that Vanquis CEO Malcolm Le May is stepping down in the summer to be succeeded by former Bank of Ireland UK chief Ian McLaughlin.
Senior independent director Andrea Blance will lead the search for a new chair.
Snowball will remain as chairman until his successor has been appointed and to support the transition to the new CEO McLaughlin, who starts in July.
Vanquis said: “As chairman, Patrick has been instrumental in leading the board through a period of significant change for the group since 2018, which has resulted in the transformation of the group from a consumer finance company to a specialist banking group; a strengthening of the board, including the appointment of a new CEO; and the implementation of a new culture which puts customers at the heart of everything.
“With both the transformation of the group to a specialist banking group complete and the appointment of Ian announced, Patrick has signalled that it is the right time to put in place his own succession plans.”
Snowball said: “Vanquis Banking Group is strategically and financially stronger than it was when I became chairman in 2018.
“With a successful strategy in place, the transformation to a specialist banking group complete, and a new CEO appointed, I am very confident in the group’s future and feel now is the right time to hand over the chair’s baton, with this year’s AGM being my last.
“I am very proud of everything we have achieved at the group, and I would like to thank the Board, the management team, and colleagues who have supported me and worked very hard to deliver for our customers, their communities, and our shareholders.”
Blance said: “On behalf of Vanquis Banking Group, and the board, I would like to thank Patrick for his leadership, guidance, and wisdom.
“As chairman Patrick has ensured the group took the right approach to get us where we are today – a strong, growing, specialist banking group, with a culture focused on the customer, which helps people who are not well served by traditional lenders to borrow responsibly.”