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.