Funding Circle Holdings plc has appointed a new chair ahead of Andrew Learoyd’s planned departure next year.
Learoyd has served as chair of the London-based SME lending platform since May 2016. Rules around publicly listed companies in the UK set the maximum term for such a role at nine years.
Ken Stannard will join Funding Circle as a non-executive director and chair designate with effect from 1st January 2025 then, following a transition period, succeed Learoyd as chair immediately following the firm’s annual general meeting in May 2025.
Stannard 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, Stannard 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, he will have a total of four non-executive director roles.
In June Funding Circle, led by CEO Lisa Jacobs, disposed of its loss-making United States business for £33 million as it revealed plans to cut around 120 jobs to create “a simpler, leaner and better-positioned UK focused operation”.
In 2023, pre-tax losses at the company widened to £33.2m from £12.9m, caused in part by its expansion into the US.
The company today also announced that Matthew King, independent non-executive director, will step down from the board on 31 December 2024.
“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,” said Geeta Gopalan, senior independent director. 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.”
Stannard added: “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.”
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.
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