Provident Financial PLC (LON:PFG) is looking for a new head of its Vanquis Bank subsidiary with Chris Sweeney to step down next April.
Malcolm Le May, Provident’s chief executive, will take over on an interim basis under a successor is found.
Vanquis Bank is Provident’s credit card division and earlier this year was fined £2mln and ordered to compensate customers £169mln following an FCA investigation into repayment option plan (ROP) mis-selling.
READ: Provident Financial says collections in troubled home credit business still down 10%
The group was also dropped by Argos as a financial services partner in January.
Today’s statement said: “With the ROP refund programme fully underway and expected to be substantially completed in early 2019, it is an appropriate time to put in place new leadership to drive forward Vanquis Bank's customer-centric business model in 2019 and beyond, helping customers rebuild their credit scores by responsibly providing them with credit.”
Le May added that Sweeney had steered Vanquis Bank through a period of ‘operational difficulty', while also driving forward the bank's key digitalisation agenda, with over 850,000 customers now on the mobile app".
Sweeney joined Vanquis Bank in January 2016.