Lex is now owned by the Lloyds Banking Group (LBG), after Lloyds
TSB and HBOS, Lex’s previous owner, merged earlier this year.

Nigel Stead, formerly the managing director of Lloyds TSB’s
fleet contract hire and leasing company Autolease, is to take over
the running of the two fleet businesses, which will be led by a
single senior management team, LBG said.

MD of LBG’s asset finance division, David Oldfield said: “Jon
has decided to pursue work outside the financial services market
and we offer him our best wishes as he prepares to leave the
group.

“Nigel Stead has been in the contract hire industry for many
years and is well known and highly respected. We are already
planning how to bring the Lex and Autolease businesses together to
create a strong and innovative market leader offering the highest
levels of service, buying power and industry expertise. 

“Our overriding goal will be to use the combined strength of
both businesses to further enhance the relationships with our
customers and consistently add value to their day-to-day
operations.”