Playtech plc, a technology provider in the finance and gambling industries, announced on Tuesday that Non-Executive Director Paul Hewitt would step down. His resignation will be effective from August 1, 2018.
According to the statement published on the London Stock Exchange, Hewitt is leaving the company after three years. Instead, he has joined Provident Financial plc, a British sub-prime lender, as a Non-Executive Director effective from today.
In addition, Paul will stand down as chair of the Board’s Risk & Compliance Committee on August 1 as well. For this role, he will be replaced by Independent Non-Executive Director Claire Milne.
Commenting on Hewitt’s departure, Alan Jackson, Playtech plc’s Chairman, said: “I would like to thank Paul on behalf of the Board and the Company.
“Over the last three years Paul’s contribution has been of huge value to the Company during a period of strategic progress and diversification and we wish him every success in his future roles.”
Hewitt moves to Provident Financial following a disastrous 2017. During the year the lender was forced to raise capital after facing a number of difficulties. This included a botched attempt at trying to modernise its business and regulatory investigations into its car finance and credit arms.
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Today the lender released its interim results for the six months ended June 30, 2018. In the statement, the company said it is progressing with its turnaround plans. It also added it would restore its dividend by the end of this year.
Hewitt was not the only change to Provident Financial’s board. Patrick Snowball was appointed as the Chairman, effective from September 21, 2018, and Stuart Sinclair, the current Interim Chairman will retire from the Board. In addition, Angela Knight and Elizabeth G Chambers have also joined the Board as Non-Executive Directors, effective from Tuesday.
Paul Hewitt’s extensive career
Hewitt has had a long and extensive career in the finance industry. His roles over the years have ranged from Finance Director, Chairman, Partner, Non-Executive Director, Deputy Chief Executive and Co-Founder.
According to his LinkedIn, Hewitt kicked off his career as a Finance Director at Euromoney Institutional Investor, an international business-to-business information company, in 1998. He also held the same position in the following years at Redland plc and RAC plc.
In 2003, Hewitt was the Deputy Chief Executive at the Co-operative Group. Here he was responsible for the pharmacy, funerals, travel, legal, shoe retailing and department store businesses. Following this in 2007, he became the Chairman at YSC, a management consulting firm.
Throughout his career, Hewitt has been a Non-Executive Director at six companies. Currently, he holds that position at Charles Taylor plc in addition to Playtech. He is also the current Chairman of Roberts Jackson Solicitors and has previously been the Chairman of seven other companies, including YSC.