UK-based small business lending platform Funding Circle has appointed Ken Stannard as non-executive director and chair designate.
Stannard will take on the new responsibility on 1 January 2025.
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This move follows the company’s 2023 annual report announcement to find a successor for Andrew Learoyd, who has served as chair since May 2016.
Stannard will succeed Learoyd as chair following a transition period, immediately after the annual general meeting in May 2025.
He brings nearly three decades of experience in credit, lending, and payments, having held senior roles at Lloyds Banking Group, Capital One, and American Express.
Most recently, Stannard served as the CEO of Cabot Credit Management, where he expanded the company into one of Europe’s “largest and most profitable” credit management services firms, stated Funding Circle.
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By GlobalDataHe also chairs Castle Trust Bank, known for its savings accounts, specialist mortgages, and retail finance solutions.
Funding Circle senior independent director Geeta Gopalan 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.”
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.”
Upon assuming the chair role at Funding Circle in May, Stannard will hold four non-executive director positions.
He will join the nomination and remuneration committees on 1 January 2025 and will chair the nomination committee after the AGM.
Additionally, Funding Circle announced that Matthew King, independent non-executive director, will step down from the Board on 31 December 2024.
Last year, the company’s pre-tax loss widened to £33.2m from £12.9m in 2022.
