Encore Announces Leadership Transition for its European Subsidiary, Cabot Credit Management
November 26 2019 - 3:01AM
Encore Capital Group, Inc. (Nasdaq: ECPG), an international
specialty finance company, today announced that Ken Stannard will
be stepping down from his role as Executive Director and Chief
Executive Officer of its European subsidiary, Cabot Credit
Management and, subject to certain regulatory approvals, has
appointed Craig Buick as his successor, effective at the end of
2019.
“Under Ken’s leadership, Cabot substantially
strengthened its market leadership position in the UK and became
one of the largest credit management services providers in Europe.
In addition, Cabot was the first large credit management services
company in the UK to be authorized by the FCA,” said Ashish Masih,
Encore’s President and Chief Executive Officer.
Stannard joined Marlin Financial Group in 2012 and
became Cabot’s CEO in 2014 when Cabot acquired Marlin. Stannard’s
experience was instrumental in the years that followed as Cabot
transitioned from being partially owned by Encore to becoming a
wholly owned subsidiary in 2018. With the integration of Cabot into
the Encore Capital Group now complete, Stannard has decided the
time is right to step down from his role as Cabot’s chief executive
and reflect on his next challenge. Stannard has agreed to remain
available to the company for a period of time to support the
successful transition of Cabot’s leadership to Buick.
Buick has served as the Chief Financial Officer of
Cabot, working alongside Stannard since 2016. Buick qualified
as a Chartered Accountant with PricewaterhouseCoopers and held
various senior finance and audit leadership roles within
PricewaterhouseCoopers and GE Capital across Europe before joining
Cabot.
“Craig is a seasoned leader with a strong financial
background, a track record of execution and proven leadership
capabilities. He has a deep understanding of our products and
the complex European markets,” said Stannard. “Cabot is one of
those rare companies that I believe has truly revolutionized the
credit management industry through its continued pursuit of
customer centric practices. I have been privileged to have led a
committed and innovative team of leaders. I know that Craig is well
placed to continue to drive Cabot forward on its journey to be the
best at what it does.”
With Buick’s appointment to the Cabot CEO role,
Christian Burgess will assume the Cabot CFO role. Burgess is
a qualified Chartered Accountant and joined Cabot in 2018 as the
European Finance Director overseeing the European (non-UK)
businesses which include France, Spain, Ireland and other
developing markets. Prior to Cabot, Burgess was a Managing
Director at Deutsche Bank and held various senior roles there for
nearly 15 years.
“We thank Ken for his service and wish him and his
family all the best. We are fortunate to have someone of the
caliber and experience of Craig to step up to lead our Cabot
business,” said Masih. “These transitions are the result of our
effective succession planning process and keep Cabot, and
ultimately Encore, optimally positioned for continued long-term
success and growth."
About Encore Capital Group,
Inc.Encore Capital Group is an international
specialty finance company that provides debt recovery solutions and
other related services across a broad range of financial assets.
Through its subsidiaries around the globe, Encore purchases or
services portfolios of receivables from major banks, credit unions
and utility providers.
Headquartered in San Diego, Encore is a
publicly traded NASDAQ Global Select company (ticker symbol: ECPG)
and a component stock of the Russell 2000, the S&P Small Cap
600 and the Wilshire 4500. More information about the company can
be found at http://www.encorecapital.com. More information
about the Company’s Midland Credit Management subsidiary can be
found at http://www.midlandcreditonline.com. More information about
the Company's Cabot Credit Management subsidiary can be
found at http://www.cabotcm.com. Information found on the
company’s, MCM’s, or Cabot’s website is not incorporated by
reference.
Contact
press@encorecapital.com
Bruce Thomas, Investor Relations (858)
309-6442 bruce.thomas@encorecapital.com
Tracy Ting, Chief Human Resources Officer (858)
309-9271 tracy.ting@encorecapital.com
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