Time Finance said Ian Smith, its CEO for over five years, is leaving the company to be replaced by Ed Rimmer on an interim basis with immediate effect.

Ian Smith’s retirement was announced to the stock exchange on 6 January. 

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Rimmer has re-joined the company having previously been the chief operating officer for two years from June 2018 to April 2020.  

Rimmer has over 20 years’ experience working in the commercial finance industry. Rimmer initially joined the Group in 2017 as managing director of their newly established commercial finance division, having previously been UK CEO and main board director at Bibby Financial Services.

John Newman, non-executive chairman of Time Finance, said: “I am pleased that we have secured the services of Ed Rimmer as interim CEO of the Group. Ed has extensive experience within the financial services sector and his specific knowledge of the Group from his time with us as Group COO will enable him to take up the CEO responsibilities quickly and effectively. 

Time Finance specialise in the provision or arrangement of funding solutions to UK businesses seeking to access the finance they need to realise their growth plans. UK Businesses can take advantage of an extensive portfolio comprising: Asset Finance, Invoice Finance, Loans and Vehicle Finance. 

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On 6 January, John Newman said: “Under Ian’s leadership the Group successfully implemented a “buy and build” strategy that he was instrumental in building and directing and which has taken the Group from a single product company to being a specialist provider of a wide range of finance products to UK SMEs.

“This transformation has been due in no small part to Ian’s dedication and commitment to our business and to supporting and guiding every member of our team in meeting the Group’s strategic objectives over the last five years. The Board’s sincere thanks and appreciation are extended to Ian with our best wishes for the future.”