Provident Financial announces the death of its executive chairman

Manjit Wolstenholme died suddenly at the age of 53 on Thursday

The Bradford-based former FTSE 100 firm appointed Ms Wolstenholme to the position three months ago following the resignation of CEO Peter Crook, with the aim of turning around the group.

Senior independent director Malcolm Le May will take over as interim executive chairman as the company hunts for a new CEO.

Mr Le May said: “We are deeply shocked and saddened. The thoughts of everyone at Provident are with Manjit's family and friends, and we extend our deepest sympathies to them.

"It was a great privilege to know her personally and to work alongside her over the last few years.

"She has shown exceptional leadership in stepping up to the role of executive chairman over the last few months.

"Manjit was known and respected for her achievements and championing diversity in British business, and we would like to pay tribute to her contribution to the business landscape."

Ms Wolstenholme joined Provident's board in 2007 with an impressive background, having qualified as an accountant with Coopers & Lybrand, now Pricewaterhouse Coopers.

She served for 13 years with the Dresdner Kleinwort Wasserstein bank, advancing to co-head for investment banking, where she was responsible for managing the division as well as advising clients on a wide range of transactions.

She also held a number of external positions, including non-executive chairman of housebuilder Cala Group, senior non-executive director of magazine publisher Future and senior independent director of student housing developer Unite Group.

Future's chairman Peter Allen said: "We are all shocked by this tragic news and our thoughts are very much with Manjit's family at this deeply distressing time.

"Manjit has been a tower of strength and support to me and my colleagues, both personally and professionally, for many years."

Provident Financial revealed last month that it would book heavy losses at its consumer credit business this year, but claimed that it was making progress with a turnaround plan.