Funding Circle appoints Ken Stannard as new chair to succeed Andrew Learoyd

Funding Circle Holdings plc, the London-based SME lending platform, has announced the appointment of Ken Stannard as the new chair, succeeding Andrew Learoyd in May 2025. Learoyd, who has served as chair since May 2016, is stepping down due to UK rules that limit the term for such roles to nine years. Ken Stannard, who will first join as a non-executive director and chair designate in January 2025, brings three decades of experience in credit, lending, and payments, having held senior positions at Lloyds Banking Group, Capital One, and American Express. He was most recently CEO of Cabot Credit Management and currently chairs Castle Trust Bank. This transition comes at a critical juncture for Funding Circle, which has been repositioning itself with the recent sale of its U.S. business and associated job cuts aimed at streamlining operations. The company announced pre-tax losses widened in 2023 partly due to its U.S. expansion. The board also announced the departure of Matthew King, another independent non-executive director, by the end of 2024. As part of a broader strategic refinement, Ken Stannard aims to drive Funding Circle's strategic development upon taking over as chair.