Independent truck-to-car vehicle leasing and fleet management company Zenith has announced the appointment of Richard Jones as its new group chief executive officer, subject to FCA approval.

The appointment sees Jones will replace CEO Tim Buchan who is retiring. Jones brings 10 years’ direct experience in leasing and vehicle finance to his new role, having been managing director of Blackhorse and Lex Autolease at Lloyds Banking Group, and more recently, managing director at MotoNovo, part of the Aldermore Group.

He will join Zenith in the first quarter of 2025.

Lord Stuart Rose, Zenith holding board chair, said: “Richard is a seasoned business and people leader, with a career spanning 25 years in financial services, and the last 10 years in automotive and leasing.

“His experience, and track record in leading successful teams and organisations, has enabled him to deliver value for customers, partners and shareholders, making him the ideal CEO to lead the Zenith Group through the next stage of its development.”

Lord Rose also hailed the contribution Buchan has made to the company. He said: “Tim Buchan retires after 14 years as CEO, having built a diverse and resilient business for both our customers and the incredible people who work here. He has worked with five private equity houses, completed two management buyouts, overseen three transformational acquisitions, and built the UK’s first direct-to-consumer contract hire business.”

Commenting on his appointment, Jones said: “Working in the automotive sector for a number of years, I’ve always admired Zenith. The company has an impressive reputation for delivering for its customers, and has enjoyed sustained growth, as well as being an award-winning employer with a strong culture focused on inclusion and performance.

“I’m delighted to be appointed as CEO of Zenith. This is a sector I am passionate about because it plays a vital role in supporting the UK economy, and in delivering our society’s climate change goals. I look forward to working with the Zenith team to build on the many successes achieved to date, and to unlock the exciting opportunities ahead of us.”

Tim Buchan concluded: “It has been an honour to see the Zenith business and our people grow and adapt over a period of immense change within our industry. I’m proud to have served so many successful and loyal customers and industry partners, and to have been part of a team that has led the transition to electric vehicles for so many UK drivers.

“Having spent time with Richard, I know he is a great fit for our business, and I have every confidence he is the best candidate to take Zenith onto the next stage of its successful journey.”

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