In a statement issued Friday, the board shared that Wolstenholme had “passed away suddenly on 23 November 2017”.
Malcolm Le May, senior independent director commented: “We are deeply shocked and saddened. The thoughts of everyone at Provident are with Manjit’s family and friends, and we extend our deepest sympathies to them.
“It was a great privilege to know her personally and to work alongside her over the last few years. She has shown exceptional leadership in stepping up to the role of executive chairman over the last few months. Manjit was known and respected for her achievements and championing diversity in British business, and we would like to pay tribute to her contribution to the business landscape.”
The board has appointed Le May as interim executive chairman of Provident Financial with immediate effect.
Wolstenholme was made executive chairman after the firm issued its second profit warning in a matter of months, causing its share price to fall over 70% and prompting the resignation of chief executive Peter Crook.
Since then, its share price has recovered around 53% but are still down 68% year-to-date.
The sub-prime lender is backed by mega fund managers Neil Woodford and Mark Barnett who collectively own 44.01% of the business as at 17 November 2017.
During her brief stint as executive chairman, Wolstenholme helped spearhead the firm’s recovery efforts to get its floundering home credit business back on track and find a replacement chief executive.
She was first appointed to the Provident Financial board in 2007, becoming chairman in 2014. She also served as chair of Cala Homes and the director of the Unite Group and CMC Markets, before choosing to step down in May.
Wolstenholme initially trained as a chartered accountant and worked at Dresdner Kleinwort for 13 years, eventually becoming co-head of investment banking. Later, she became a non-executive director of Future Publishing in 2011.
