Former Lex Autolease managing director Nigel Stead has accepted two non-executive roles in the leasing sector.

Stead, who officially retired from Lex Autolease at the end of June, has joined the boards of truck leasing firm Prohire and Irish car leasing business Merrion Fleet Management. Part of his role will be to advise and support both companies’ growth aspirations.

“I never intended to stop working but I don’t want to be a consultant – I’d like a small portfolio of non-executive positions,” Stead told Fleet News.

Prohire is a UK-based truck leasing business that manages a fleet of 2,500 commercial vehicles. It has aspirations to expand with selective customers who are looking for sustainable relationships.

Merrion Fleet Management (MFN) is the second biggest car leasing operation in the Republic of Ireland, behind LeasePlan, and is also a Lex Autolease partner in its international leasing business.

“MFN is a small but significant player in a small but significant market,” Stead said. “They are ambitious and want to grow. They have the funding and are well-placed for the future.”

He doesn’t rule out taking on another one or two non-executive positions over the coming months.
Stead handed over the Lex Autolease reins to Rick Francis at the start of the year but retained his positions overseeing the Motability and Athlon operations. Both were relinquished at the end of June.

“I oversaw the integration of Lex and Autolease, which is what I said I’d do,” he said. “It’s now the right time for someone else to take the business forward.”

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