By Ian Walker
Aldermore Group PLC (>> Aldermore Group PLC) said Wednesday that it will appoint Pat Butler as chairman once its 1.1 billion-pound ($1.47 billion) takeover by FirstRand Ltd. (FSR.JO) completes.
The specialist lender said Mr. Butler will become a non-executive director and chairman designate on Jan. 1, 2018. Danuta Gray will continue in her role as interim chairman until Mr. Butler's appointment, the company said, adding that she will then resume her role as senior independent director.
Aldermore said on Nov. 6 that it had accepted an offer of 313 pence a share from FirstRand. The deal was approved by the court and shareholders on Dec. 8.
Completion of the acquisition is still subject to certain conditions, and is expected in the first quarter of 2018.
Mr. Butler currently serves as an independent non-executive director of Bank of Ireland Group (BIRG.DB) and Bank of Ireland (U.K.), where he chairs the remuneration committee; of Hikma Pharmaceuticals (>> Hikma Pharmaceuticals), where he is chairman of the audit committee; and of the Ardonagh Group, where he chairs the risk committee.
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