David will be new top man at Cattles

5:43pm Monday 28th May 2007

Credit and financing business Cattles has unveiled its new chief executive, just weeks after current boss Sean Mahon announced his retirement.

David Postings, currently managing director of Lloyds TSB Business, will join the board of the FTSE 250 company from September.

Mr Mahon, chief executive at the Birstall-based firm for the past seven years, announced he was to quit earlier this month. He will stand down on September 13, the date on which the firm is due to publish its interim profit results.

Cattles has also announced the appointment of Ian Cummine to the board as business development director.

Mr Cummine will be charged with leading the development of continued profitable growth.

He will also take on the role of chairman of Welcome Financial Services, Cattles' primary non-standard consumer finance operating subsidiary - which accounts for 95 per cent of total revenues.

Chairman Norman Broadhurst said: "I am delighted David is joining Cattles.

"His experience in leading and developing lending businesses and technology operations at Lloyds TSB and Barclays will be invaluable as Cattles continues in its strategy of delivering further profitable growth.

"I am also delighted that Ian is taking up the roles of business development director and chairman of Welcome.

"Once again, I would like to thank Sean for his outstanding contribution as chief executive over the last seven years. Sean will retire with our very best wishes for the future."

Meanwhile Cattles Invoice Finance, a subsidiary business of Cattles, has been named Factor and Discounter of the Year at this year's Credit Today Awards. The awards are designed to identify the top performers throughout the credit industry.

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