Element Fleet Management has appointed Vito Culmone as its chief financial officer to replace Samir Zabaneh, who has resigned to pursue another role in the financial technology industry, the fleet management company has announced.
Culmone will step into his new role on July 16 and will report to the Toronto-based company's new chief executive, Jay Forbes, who officially started in late June. Zabaneh has agreed to remain with the Element for several weeks to ensure a smooth transition, Element announced in late June.
"We are delighted to have such a talented and experienced finance leader as Vito joining the company, one whose proven capabilities as a large public company CFO make him an ideal fit as we set Element on course for the future," Forbes said. "Vito has a strong reputation as a seasoned business leader, and I’m excited to work with him to take Element to new heights."
After stepping into the new role, he will remain on the board of directors of EPCOR Utilities and chair of the audit committee of the Canadian water utility.
Culmone brings 25 years of experience to the role and has spent part of the past 11 years as the CFO of Shaw Communications and WestJet Airlines — one of Canada's largest cable providers and air carriers respectively. Earlier in his career, he held senior positions with Molson Coors Brewing such as overseeing commercial finance as well as finance and strategy for the U.S. He started his career at Price Waterhouse, where he completed his designation as a chartered accountant.
In May and June, Element made sweeping changes to its senior leadership by naming Forbes as its new CEO and adding three new board members. The company's founder, Steve Hudson, has also departed. Hudson remains the chief executive of ECN Capital. In late 2016, Element Financial Corp. split into two companies, including Element Fleet Management and ECN Capital Corp. — a commercial and vendor finance, aviation finance and rail finance business formerly operated by Element.
