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Director Appointments

Arrow Global group CEO to step down

07 December 2016 07:41

Arrow Global Group says Tom Drury has decided to step down as group chief executive after over 20 years as a CEO, the last five of which have been with Arrow.

Lee Rochford, formerly CFO of Virgin Money will replace Drury as group CEO and board Director from 3 January. Drury will remain with the business until the end of February to provide an orderly handover period.

Arrow says that Rochfordbrings extensive relevant financial services experience, including running a pan-European financial institutions advisory business which focused on the acquisition and sale of portfolios of non-performing loans across Europe, working both with financial institutions and private equity firms.

He was also instrumental in delivering the highly successful IPO of fast growing retail challenger bank, Virgin Money, and in guiding the business as a listed company following the flotation.

Chairman Jonathan Bloomer said: "Tom has made an outstanding contribution to Arrow since he joined as CEO in 2011. He led the successful IPO in 2013 and has overseen a series of strategic acquisitions which have seen Arrow grow to become one of Europe's leading purchasers and managers of debt, alongside driving a significant increase in shareholder value.

"The Group now has a diversified asset base and mix of income streams in the UK, Portugal, the Netherlands, Belgium and France, and yesterday we announced the proposed acquisition of Zenith Service SpA, which marks our strategic entry to the Italian market. The Group continues to deliver on its stated strategy and there is no change to the outlook or guidance for 2016 performance. I would like to thank Tom for his contribution to Arrow and wish him well for the future.

"I am delighted that Lee is joining as Group CEO. He brings a tremendous breadth and depth of experience across all of our asset classes and an extensive track record in financial services. I am confident that he is the right person to lead the Group through the next stage of its growth."

Story provided by StockMarketWire.com

Related Company: ARW

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