Provident Financial PLC (LON:PFG) executive chairman Manjit Wolstenholme has died suddenly just months after being appointed to lead the group's turnaround following a string of profit warnings.
In a statement, the company said Wolstenholme , aged 53, passed away on Thursday and has appointed Malcolm Le May, currently senior independent director, as interim executive chairman.
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Wolstenholme took on the role of executive chairman in August after struggles at the doorstep lending division resulted in two profit warnings in three months and led to the resignation of chief executive Peter Crook. She was previously a non-executive chairman and has served on the board since 2007.
At the time of her death she was also on the boards of media group Future and student housing company Unite Group.
"We are deeply shocked and saddened. The thoughts of everyone at Provident are with Manjit's family and friends, and we extend our deepest sympathies to them,” said Le May.
“It was a great privilege to know her personally and to work alongside her over the last few years. She has shown exceptional leadership in stepping up to the role of executive chairman over the last few months. Manjit was known and respected for her achievements and championing diversity in British business, and we would like to pay tribute to her contribution to the business landscape."
Wolstenholme spent 13 years in investment banking before joining Provident. She was co-head of investment banking at Dresdner Kleinwort Wasserstein and a partner at Gleacher Shacklock.
She previously served as a non-executive director of Aviva Investors and spreadbetting group CMC Markets.
READ: Provident Financial backtracks on home credit strategy as it launches recovery plan
Wolstenholme had been implementing measures to steady the business, including replacing the managing director of the troubled home credit business and fixing the group's new computer system. The computer system had been causing repayments to be missed by sending collection staff to the wrong addresses at the wrong times.
The company will search for permanent replacements for the chief executive and executive chairman while it continues its restructuring.
It expects a huge loss this year and will axe the dividend.
Shore Capital released a statement, saying: "We are shocked to read the terrible news that Manjit Wolsenholme, Executive Chairman, passed away suddenly on 23rd November. Our thoughts and sympathies go out to Manjit’s family and colleagues at this difficult time."
Shares fell 1.05% to 899.50p in morning trading.