Element Financial announced that Kristi Webb has been appointed as the new President and CEO of Element's fleet management business and Jim Halliday has been appointed as Executive Vice President, Element Financial Corporation. These appointments follow Element's previously announced agreement with GE to acquire GE Capital's remaining North American fleet management operations in the U.S. and Mexico, as well as GE Capital's fleet management operations in Australia and New Zealand, for an all-cash purchase price of C$8.6 billion.
"The expanded scale of our combined fleet operations together with our industry-leading fleet management systems and expertise, position Element to accelerate the innovations that will transform the fleet management industry," said Brad Nullmeyer, President of Element Financial Corporation. "Kristi, Jim and their colleagues understand the unique opportunity for growth and innovation that arises from combining these businesses to deliver best-in-class solutions to a wide range of fleet management customers."
In her new role, Ms. Webb will be responsible for developing and executing on Element's fleet management strategy across a variety of sectors and markets. She is currently President and CEO of GE Capital Fleet Services, which provides commercial car and truck financing and fleet management services. In his new role, Mr. Halliday, currently President and CEO of Element's fleet management business, will oversee Element's global alliance with Arval as well as the Company's operations in Australia and New Zealand. He will also focus on pursuing large organic growth opportunities and will lead the firm's mergers and acquisitions activities in the fleet market.
Ms. Webb and Mr. Halliday will both report directly to Mr. Nullmeyer, with their respective appointments effective as of the close of the North American portion of the Transaction expected by the end of August 2015.
"I am very excited about the future of fleet management that will soon emerge from the combination of the leadership, expertise and customer focus that Kristi, Jim and their teams are bringing together to operate under the Element's unified fleet management banner," added Mr. Nullmeyer.
The Transaction provides Element with unprecedented scale, scope and market depth in serving the fleet sector in North America and abroad through its Arval alliance and the Company's direct investment in fleet operations in Mexico, Australia and New Zealand. The Company expects the North American portion of the Transaction to close by the end of August with the remaining jurisdictions expected to close by the end of the third quarter.