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Exclusive: Update on GE Capital Solutions Fleet Services and PHH Arval merger

July 31, 2007

SPARKS, MD - In April 2007, Rich Laxer, president and CEO of GE Capital Solutions, announced that George Kilroy, currently president and CEO of PHH Arval, will serve as chairman of the new company that will be created by the proposed merger of PHH Arval and GE Capital Solutions Fleet Services. Kilroy recently shared some thoughts on the merger process, his vision for the new company, and the opportunities he hopes to create for customers, suppliers and employees.

Kilroy says a team of leaders from every key function in GE and PHH has been formed to analyze both companies’ processes, services and systems over the next 18-24 months. This team’s mission is to determine whether one, a combination of both, or something entirely new will provide the greatest level of service to fleet customers, whose input will be a crucial element in the decision process.

“This is the first time a merger of this magnitude has taken place in the fleet industry, and we’re going about it in a careful, deliberate way to ensure we can deliver greater service and value,” says Kilroy. “Substantive input from our customers will ensure we meet that goal.”

Already, over 100 PHH and GE customers have volunteered to participate in advisory boards and focus groups, and Kilroy says more will be involved through surveys and other means.
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