Transact chairman steps down for role at embattled lender

Transact chairman steps down for role at embattled lender

The chairman of Transact's parent company has said he will stand down before the end of the year to focus on other positions.

Patrick Snowball has been chairman of Integrafin since October 2017 but has now been appointed chairman of Provident Financial.

Since Mr Snowball also chairs Sabre Insurance, and since best practice dictates one person should chair no more than two companies listed on the London Stock Exchange, he has decided to stand down from his position at Integrafin.

In a statement, a spokesman for Integrafin said: "In due course, the board of IntegraFin Holdings PLC will provide an update regarding plans for a new chair."

Mr Snowball was previously chief executive of Suncorp Group between 2009 and 2015 and was a group executive director of Aviva before that.

Provident Financial, a consumer lending company, has found itself embattled in recent months after issuing a profit warning and cancelling its planned dividend last year.

This prompted the company's share price to plummet 66 per cent to a low of £5.89, a position from which it has recovered only slightly, to £6.17 as of this morning (31 July).

The largest holder of Provident Financial stock is Neil Woodford, whose Equity Income and Income focus funds own more than a quarter of the business, but the holding has proved to be a drag on performance.