UK bank Shawbrook has appointed Richard Pyman, former managing director of Shawbrook Asset Finance, as its chief executive after Ian Henderson resigned from the post.

Pyman was managing director of Singers Asset Finance when the firm was bought by Shawbrook in March 2012 and helped to grow its portfolio by 7% in that year.

Jim Cannon has replaced Pyman as managing director of Shawbrook Asset Finance. Cannon was previously managing director of the firm’s Corporate Asset Finance division, and also joined the comnay as part of the Singers acquisition.

Sir George Mathewson, chairman of Shawbrook, said: "Richard’s appointment as Shawbrook’s new CEO was the natural choice following Ian Henderson’s resignation.

"His appointment and leadership will allow us to move forward on our development strategy to position Shawbrook for the next phase of growth."

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Pyman said: "Since joining Shawbrook in March 2012 I have been excited by the growth and potential that Shawbrook has to offer.
"I look forward to leading the bank through its next phase of development and beyond."