Directorate Change

RNS Number : 2314W

Provident Financial PLC

31 July 2018

 

Provident Financial plc

Board Changes

31^st July 2018

Patrick Snowball to join Provident Financial plc Board as Chairman

The Board of Provident Financial plc is pleased to announce the appointment of Patrick Snowball, as Chairman and non-executive director. He will join the Board as Chairman on 21^st September 2018. Stuart Sinclair, Interim Chairman, will retire from the Board when Patrick becomes Chairman.

Patrick is an experienced Chairman, Non-Executive Director and Chief Executive Officer, following a distinguished career in the insurance and retail banking. He was CEO of Suncorp Group Limited, an ASX20 Australian financial services group from 2009 until 2015, where he successfully turned round the Group following the global financial crisis. Prior to that, he was a Director at Aviva plc from 2001 till 2007, and as CEO he played a key role in merging and consolidating Norwich Union, Commercial Union General Accident and London and Edinburgh into Aviva General Insurance. He became a director and chairman of IntegraFin Holdings Plc in October 2017 and the company completed a successful initial public offering (IPO) in February 2018. Patrick has informed the Board of IntegraFin Holdings Plc that he intends step down from the chairmanship and the Board before the end of the year. He became chairman of Sabre Insurance Group Plc in September last year and the company became a plc following a successful IPO in December 2017. Previously he was Non-Executive Director of Jardine Lloyd Thompson Group plc from 2008 to 2009, and Deputy Chairman at Towergate Partnership between 2007 and 2009. He was also a member of the FSA Practitioner Panel from 2005 till 2007.

His appointment follows a thorough process started by Stuart Sinclair, when he was Senior Independent Director. Andrea Blance replaced Stuart Sinclair as Senior Independent Director, when Stuart became Interim Chairman, and then Andrea led the process. A leading executive search firm has assisted with the search.

Stuart Sinclair, Interim Chairman said:

"Patrick Snowball is an experienced Chairman, Non-Executive Director and Chief Executive Officer, and we are delighted that he will be joining Provident Financial plc as Chairman. His extensive experience in financial services, focus on delivering good customer outcomes and strong governance and execution background, will benefit us as we seek to re-establish the Group as the leading provider of non-standard credit in the UK."

Andrea Blance, Senior Independent Director said:

"On behalf of the Board I would like to thank Stuart for taking on the role of Interim Chairman, and for his dedication, guidance and stewardship to Provident Financial plc over many years. I look forward to working with Patrick as we apply the Board's collective skills to delivering for our customers and shareholders.

Patrick Snowball, Chairman designate said:

"I am very excited to be joining Provident Financial plc as Chairman. The business plays a valuable role in providing credit and delivering financial inclusion to parts of the market which are under served. The Group's recovery has begun, and I look forward to working with the Board, Group Chief Executive Malcolm Le May, and the senior management team to drive it forward."

On his appointment, Patrick will become chair the Nomination committee.

The following information is disclosed in accordance with LR 9.6.13:

Patrick Snowball was appointed as a non-executive director of SFT Realisations Limited (formerly known as Towergate Financial Services Intermediate Limited) ("SFT") on 2 July 2007. SFT was placed into administration on 11 June 2009 (which was subsequently converted to a creditors' voluntary liquidation on 22 May 2012) and was dissolved on 10 October 2013.

In accordance with the Listing Rules, there are no further matters requiring disclosure under 9.6.13R of the Listing Rules of the Financial Conduct Authority in relation to the appointments of Patrick Snowball.

Enquiries:
Media
Richard King/ Jade Byrne Provident Financial	01274 351 900
Nick Cosgrove/Simone Selzer, Brunswick	020 7404 5959
Investor Relations
Gary Thompson/Vicki Turner, Provident Financial [e-mail]	01274 351 900

Notes to editors

Patrick Snowball Biography

Patrick has extensive experience of the insurance industry and has gained a wealth of knowledge of many different aspects of the sector acquired over a 30-year career in financial services. His last executive role was as Chief Executive Officer of Suncorp Group Limited, an ASX20 Australian financial services group, from 2009 until 2015. Prior to that, he was Group Executive Director at Aviva plc from 2001 until 2007 (as well as holding various other positions in the Aviva group and its predecessor companies). He also has significant boardroom experience as Chairman of IntegraFin Holdings Plc and Sabre Insurance Group Plc. He was a non-executive director of Jardine Lloyd Thompson Group plc from 2008 to 2009 and Deputy Chairman at Towergate Partnership between 2007 and 2009. He was also a member of the FSA Practitioner Panel from 2006 to 2008.  He holds an LL.D from the University of East Anglia and a Masters degree in History and Economics from the University of Oxford.

 

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