Arrow Global Group PLC announces appointment of new CEO
Arrow Global Group PLC (‘Arrow’ or ‘the Group’), announces that Tom Drury has decided to step down as Group CEO 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 Tom as Group CEO and Board Director from 3 January 2017. Tom will remain with the business until the end of February to provide an orderly handover period.
Lee brings 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.
Jonathan Bloomer, Chairman of Arrow Global Group PLC, 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."
Tom Drury added: "After over 20 years leading three companies the time is right for me to take some time out and plan for my future. I have thoroughly enjoyed the last five years at Arrow and I am very proud of what we have achieved during that period. Lee is joining a great team and I am confident that he will continue to deliver on Arrow’s growth strategy."
Lee Rochford commented: "Arrow is a very well-positioned company with leading market positions, a strong customer focused team and a compelling growth strategy. I am very excited to be joining at this time and look forward to working with the team to build on the Group’s positive momentum."