Malcolm Le May

Career and experience

Malcolm joined the Group as an independent Non-Executive Director, becoming Interim Executive Chairman in November 2017. Malcolm provided effective leadership to the Board, working with it to redefine roles and responsibilities, and initiated a process to ensure the Board had the right mix of skills, experience and diversity. Prior to joining the Group, he held a number of senior positions within banking, including as Co-Head of Banking for Barclays in New York; Head of European Investment Banking at UBS; and Deputy CEO at Morley Fund Management (now Aviva Investors). Malcolm’s previous experience in the boardroom includes being a Non-Executive Director of RSA plc and Hastings Group plc, Senior Independent Director of Pendragon plc, and a Senior Advisor to Ernst & Young and Heidrick & Struggles.

Contribution to the Board, key strengths and skills and reasons for re-election

Malcolm’s extensive career, his deep knowledge of various businesses and sectors, his understanding of the regulatory environment and turnaround situations and his proven leadership skills are considered by the Board to be invaluable qualities that made him best placed to lead the business in the development of its purpose and delivery of its strategy, as well as effectively contributing to the Board.

A deep knowledge and experience of the financial services industry and regulatory environment.

Driven change by redefining roles and responsibilities throughout the business.

Built relationships with key stakeholders, such as investors and the Group’s banks, including leading the rights issue process which has enabled the Group access to funding from bank and debt capital markets.

Led the strengthening of the Group’s governance framework and the realignment of the Group’s culture more closely to the developing needs of the customer.

Re-established and developed an ongoing and transparent relationship with the Group’s regulators enabling the Group, inter alia, to achieve authorisation of its Consumer Credit Division, the resolution of the FCA’s investigation into the Vanquis Bank’s ROP product and the Moneybarn investigation.

Current external appointments

Senior Independent Director of IG Group Holdings plc.

Trustee of the Grange Festival.

Partner at Opus Corporate Finance* and Juno Capital LLP.

Trustee at Peace at the Crease.