Provident Financial chairwoman Manjit Wolstenholme dies

Wolstenholme, aged 52, took on the additional temporary executive role at the embattled doorstep lender after Peter Crook resigned as chief executive in August after announcing the second profit warning in as many months.

Malcolm Le May, senior independent director, has been appointed interim executive chairman with immediate effect.

Wolstenholme was also chair of housebuilder Cala Homes, senior independent director at student housing group Unite Group, and senior independent director at publisher Future, but recently gave up her role as senior independent director at CMC Markets in July “for personal reasons”.

"We are deeply shocked and saddened," Le May said. "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."

When she took over the extra executive responsibilities at sub-prime lender Provident in August, Wolstenholme said: "Protecting the group's capital base through withdrawing the interim dividend and in all likelihood the full-year dividend is the appropriate response to maintain the highly valuable franchises of Vanquis Bank, Moneybarn and Satsuma."

She said her immediate priority was to lead the turnaround of the home credit business, which included immediately drafting in the former head of its consumer credit arm, Chris Gillespie.

By October Wolstenholme was able to announce that losses had been staunched at the doorstep lending unit, confirming that recent management changes had prevented any further deterioration in performance but still guiding to full year losses of £80-120m before exceptional costs from the CCD home credit business.