Executive Change: Najib Nathoo Named CEO of 1st Credit Ltd

The Board of 1st Credit Ltd today announced that Najib Nathoo would succeed Mike Cleary as Chief Executive Officer with immediate effect.

Mr Nathoo, currently Chief Operating Officer of the company, replaces Mr Cleary who, after seven years in the role, has decided to pursue other business ventures. Mr Cleary will remain a shareholder in the business as well as become its President.

Mr Nathoo, who was part of the founding team of 1st Credit in 2001, has over 20 years of financial services experience, the majority of which was gained at GE Capital. In 2001 he, along with Mike Cleary and Charles Holland, founded 1st Credit. He is also the President of the Credit Services Association.

Commenting on his appointment, Mr Nathoo said: “I will be working with the team to further develop 1st Credit at a time when our industry faces many opportunities and challenges.”

1st Credit (www.1stcreditltd.com) is a leading UK debt purchase and collection business, focusing on the acquisition and collection of distressed debt portfolios from credit providers such as banks and building societies, credit card companies, car and consumer finance companies as well as retailers and utilities. It also provides consulting and outsourced credit management services.  It currently manages over a million accounts with a face value of £3.5 billion ($5.5 billion). 1st Credit was acquired by its management in a buyout with funding from Bridgepoint in a transaction totalling £72 million in 2004.