Provident Financial’s executive chairman dies suddenly

Shocking

Bradford-based subprime lender Provident Financial has announced the sudden death of its executive chairman Manjit Wolstenholme.

In a statement today morning, Malcolm Le May, Senior Independent Director at Provident said: “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.

“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.”

The board has appointed Le May as interim chairman “with immediate effect”.

According to reports, 53-year-old Wolstenholme trained as a chartered accountant and worked at Dresdner Kleinwort for 13 years, where she became co-head of investment banking, becoming a non-executive director of Future Publishing in 2011.

Last month, Provident Financial had said that it was expecting heavy losses across its consumer credit business this year. The lender was expecting its pre-exceptional losses for the year to be in the region of £80 to £120m.

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