Provident Financial plc (PFG) announced Thursday that Malcolm Le May decided to step down as PFG CEO, as the firm is shifting its business into "a specialist banking group.

At the same time, the company stated that Ian McLaughlin, currently the CEO of Bank of Ireland UK, will be the new CEO and Executive Director.

"Having been at PFG for almost nine years, as Non-Executive Director, Chairman, Executive Chairman, and latterly CEO for five years, I feel the time is right for me to step down," said Le May. "The Group has changed significantly since I joined and is now repositioned as a specialist banking group."