Provident Financial announces exec shake-up and consumer credit review

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Provident Financial suffered a massive blow earlier this week (Source: Getty)

Crisis-hit Provident Financial has shaken up the management team of its beleaguered consumer credit division.

Executive chair Manjit Wolstenholme has also begun a review of the division.

Chris Gillespie has been appointed managing director of the Provident home credit business, replacing Andy Parkinson, with immediate effect. 

Gillespie knows the consumer credit division well, having previously worked as its managing director before stepping down in 2013 to pursue "career opportunities elsewhere". He will be supported by Satsuma loan exec Luke Enock as deputy and director of corporate finance and development Greg Cant.

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The move follows a catastrophic announcement by the doorstep lender earlier this week. A catalogue of problems and the departure of Provident's boss saw shares plummet by two-thirds.

The company's shares were up 22 per cent by mid-afternoon today. 

Wolstenholme said: "My review of the business is ongoing as we move towards stabilising the Provident home credit business and improving the service to our customers."

These are my first appointments and I intend to work closely with the new team on turning the home credit business around and to putting a plan in place to deliver good results for the company.

Read more: Provident Financial shares are now down 72 per cent after its CEO walked