Element Fleet Management Names New CFO

Element Fleet Management has appointed Frank Ruperto as its chief financial officer, who will assist Element in the execution of its organic growth strategy, according to the company.

Ruperto will join Element as EVP finance and assume the role of CFO effective immediately upon Vito Culmone's departure in accordance with the company’s previously announced CFO succession plan, the FMC said. Ruperto brings to Element 30 years of experience in business and finance, with deep expertise as a public-company CFO. His previous experiences span strategic planning, investor relations, commercial and operations leadership, and enterprise risk management.

Ruperto will succeed Culmone, who will depart in early 2021 after playing a pivotal leadership role in Element’s transformation, Element said. Culmone will remain with Element through the finalization of the company’s 2020 financial results and a smooth transition.

Ruperto previously served as CFO and senior vice president of finance and strategy at Rayonier Advanced Materials Inc. (RYAM), a producer of cellulose products, from 2014 to 2019. In 2019, RYAM named Ruperto executive VP in charge of its core high purity cellulose business unit, with responsibility for executing RYAM’s cellulose specialties commercial strategy in that approximately $1 billion revenue business.

Prior to joining RYAM, he spent over 20 years in investment banking, most recently at Bank of America Merrill Lynch. He holds a Bachelor of Arts with a concentration in Economics from Harvard University and a Master of Business Administration from The Wharton School at the University of Pennsylvania, Element said.

“Frank brings to Element a combination of financial acumen, strategic expertise and operational leadership experience that will be invaluable as we execute our plan to grow net revenue and cash flow atop our scalable operating platform and return excess capital to our shareholders,” said Jay Forbes, president and CEO of Element.

Ruperto will be based in Element’s Toronto head office.

“I’m looking forward to assisting Element in the execution of its organic growth strategy and extension of its leadership position in the fleet management industry,” Ruperto said. “Element is a growing business with great clients and a great team, and I’m excited to be a part of it.”