Element Fleet Management's CEO Brad Nullmeyer will be retiring from his position after more than five years with the company, which has appointed its president and chief operating officer as acting CEO, Element announced.
Dan Jauernig, president and COO, takes over more than 25 years of experience in financial services. He joined Element as an executive vice president in 2014. 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," said Nullmeyer. "Jauernig has the right skills and experience to assume this role and I have committed to be available to ensure a smooth transition.”
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," said Jauernig. "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."
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.