Element Fleet Management CEO Brad Nullmeyer will be retiring from his position after spending more than five years with the company.
Element President and COO Dan Jauernig has been appointed as the acting CEO, according to the company. Jauernig has more than 25 years of experience in financial services, and joined the company as executive VP in 2014, after which he was promoted to president and COO.
Element’s Board of Directors is conducting a CEO search that will include the consideration of external and internal candidates.
“With much of the heavy lifting associated with Element’s rapid change behind us, now is the time to step back to enable the Company to choose an operations-focused leader to drive the next stage of the Company’s growth. Dan Jauernig has the right skills and experience to assume this role and I have committed to be available to ensure a smooth transition,” said Nullmeyer.
The company also revealed updates regarding its strategic priorities for its stakeholders, which is the continued focus on customers, efficiency and the effectiveness of its operations, said Element. The company recognized that new technological undertakings led to a temporarily higher cost structure and a revenue growth trajectory below the company’s long-term potential.
“The Board and I recognize that the rapid pace of change and growth has not been easy for a number of stakeholders, and the integration process has created challenges for some of our valued customers. I look forward to working with the many talented and dedicated individuals across our Company as we put our 100% focus on our customers and exceptional execution,” said Jauernig.
Element said it’s taking action to align expenses to revenue growth, according to the company. These actions will look to reduce the company’s expense structure and run rate while maintaining investment in innovation and customer service.
The company’s financial outlook includes new client originations and management initiatives in 2018 that will build a foundation for growth in core fleet adjusted operating income that is expected to resume beginning in 2019, Element announced.
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