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Lender Distribution Finance says CEO leaves after conduct probe

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By Reuters

(Reuters) – Niche corporate lender Distribution Finance Capital <DFCH.L> (DFC) said on Monday its Chief Executive Officer Chris Dailey had left the company following an internal investigation into his personal conduct.

The company, which provides working capital to manufacturers, has appointed Henry Kenner, an existing non-executive director, as acting CEO while it searches for a permanent replacement, it said.

Distribution Finance Capital gave no further details about the probe.

“I am unable to comment further on the personal matters covered in what was an internal process. However, DFC remains a great business and I wish Henry and the team continuing success,” Dailey said in an email.

DFC also said that its new permanent CEO was unlikely to be in place before the end of the year and that its banking licence could not be issued until the appointment had been made.

Its creditors would also maintain existing funding facilities while they considered the impact of the changes in management under their agreements with the firm, DFC said.

(Reporting by Noor Zainab Hussain and Safia Infant in Bengaluru; editing by Patrick Graham, Bernard Orr)