Arrow Global's appoints ex Virgin Money CFO as CEO

7th Dec 2016 09:23

(ShareCast News) - Arrow Global, a provider of debt purchase and receivable management, announced that Tom Drury has decided to step down as chief executive after five years performing the role.Former chief financial officer of Virgin Money Lee Rochford will replace Drury as CEO and board director from 3 January 2017. Drury will remain in the business until the end of February.Chairman Jonathan Bloomer 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."Rochford 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."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," said Bloomer.Lee Rochford said: "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."The share price fell 0.68% to 290p at 1052 GMT on Wednesday.