Glen Crawford has notified the Company that he no longer wishes to re-join the Board and take up the position of director and Chief Executive Officer and has terminated his current contract with the Company with immediate effect. Mr Crawford’s unexpected withdrawal of his candidature follows a divergence of views with a majority of the Board.
The Company has agreed to appoint Gary Jennison as Chief Executive Officer, subject to approval by the FCA. Mr Jennison, who joined the Company as a Non-Executive director on 10 August 2020, has extensive experience of several turnaround situations.
Gary was CEO of Secure Trust Bank plc from September 2006 to May 2010, being appointed with the mandate to reverse its long term decline.
Whilst CEO, profits increased significantly, against the backdrop of the 2008/10 banking crisis. Gary was CEO of PayZone UK, a payments processor operating in the sub-prime sector, from March 2011 to October 2013, where he reversed the long term decline in the business. Gary was CEO of the European operations of Warranty Group from October 2015 until February 2017.
During this period, he was responsible for increasing shareholder return, dealing with the substantial funding shortfall caused by the introduction of Solvency II and the extensive overhaul of an outdated operational structure.
The Company will update the market in due course on the impact of these Board changes on the General Meeting to be held on 29 September 2020. The resolutions at the Annual General Meeting on the same date are unaffected by the contents of this notification.
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