18 December
2024
Funding Circle
Holdings plc
Notification of
Board Change and Appointment of Chair Designate
Funding Circle Holdings plc
('Funding Circle' or 'the Company'), the UK’s leading SME lending
platform, announces the appointment of Ken Stannard as
non-executive director and Chair Designate with effect from 1
January 2025.
This announcement follows the
Company’s disclosure in its 2023 Annual Report that it would
commence a search process for a successor to Andrew Learoyd who has
held the Chair role since May 2016. Following a transition period, Ken will
succeed Andrew as Chair immediately following the Annual General
Meeting (AGM) in May 2025.
Ken brings almost 30 years’
experience in credit, lending and payments, having held senior
executive roles at Lloyds Banking Group, Capital One and American
Express. Most recently, as CEO of Cabot Credit Management, he grew
the company into one of the largest and most profitable credit
management services companies in Europe. Amongst other private
company non-executive roles, Ken is currently chair of Castle Trust
Bank, an innovative provider of savings accounts, specialist
mortgages and retail finance solutions. On stepping up to chair
Funding Circle in May, Ken will have a total of four non-executive
director roles.
Ken will be appointed as a member
of the Nomination and Remuneration Committees on 1 January 2025 and will become Chair of the
Nomination Committee when he assumes the role of Chair of the Board
following the AGM.
The Company also announces that
Matthew King, independent non-executive director, will step down
from the Board on 31 December 2024.
Geeta Gopalan, Senior Independent
Director, said.
"Following a
thorough selection process to identify and select a new Chair, we
are delighted to welcome Ken to the Board at an exciting point in
Funding Circle’s journey. His experience across a range of
credit businesses will be
invaluable to Funding Circle and its future strategic
development.
On behalf of
the Board, I would like to thank Andrew for his leadership and
significant contribution to Funding Circle. He has successfully
guided the Company through challenging times and will be handing
the reins over to Ken well positioned for the future. I would also
like to thank Matthew for everything he has done for Funding
Circle, especially his contribution as chair of Funding Circle Ltd,
and wish him all the best for the future."
Ken Stannard said:
"I am delighted
to be joining Funding Circle and I look forward to working with the
Board and the executive team to drive forward the Group's strategy
and ensuring that it continues to create significant value for all
stakeholders."
Andrew Learoyd
commented:
“It has been a privilege for
me to serve as Chair of Funding Circle. I congratulate Ken on his
appointment as my successor and am confident that under his
leadership of the Board, Funding Circle will continue to prosper
and deliver value for shareholders.”
There are no further details to be
disclosed pursuant to Listing Rule 6.4.8R in connection with Ken
Stannard’s appointment.
For and on behalf of
Funding Circle Holdings
plc
Lucy Vernall
Company Secretary
-Ends-
Enquiries:
Funding
Circle:
Investor
Relations ir@fundingcircle.com
Tony Nicol
Media Relations
press@fundingcircle.com
Angeli Everitt
Headland
Consultancy +44 (0) 20 3805 4822
Stephen Malthouse
About
Funding Circle:
Funding Circle (LSE: FCH) is the
UK’s leading SME lending platform. Its mission is to build the
place where small businesses get the funding they need to
win.
Funding Circle enables small
businesses to access funding – offering an unrivalled customer
experience powered by data and technology. For institutional investors, Funding Circle
provides access to an alternative asset class in an underserved
market, with robust and attractive returns. Globally, Funding Circle has extended more
than £16bn in credit to c.150,000 businesses.