Boss of Lex Autolease Richard Jones leaves to join Motonovo

Lex Autolease and Lloyds Banking Group managing director Richard Jones will be leaving the company to join Motonovo Finance.

Jones, who was already managing director of Lloyds Banking Group, took over the helm of the UK’s biggest vehicle leasing company, Lex Autolease, in 2018, as managing director of Motor and Leasing. 

The leadership change followed Tim Porter’s retirement.

During his tenure, Porter increased the Lex Autolease fleet by more than 100,000 vehicles; strengthening its position at the top of the FN50.

In an interview with Fleet News following his appointment as MD of Lex Autolease, Jones described it as “the most exciting challenge I’ve been lucky enough to take on".

Lex Autolease remains the largest leasing company, according to last year’s FN50, with 282,720 funded cars and vans, which was a13% decline on the 324,374 units reported in 2020.

Jas Singh, chief executive officer consumer lending at Lloyds Banking Group, said: “Richard has displayed fantastic vision throughout his time leading our transport business, dedicated to helping customers, and starting our journey to become greener and more sustainable in car financing. We wish him all the very best for the future.”

Jones’ replacement is expected to be named in due course.

He will begin his new role at Aldermore-owned MotoNovo operation in early 2023 and will join its executive committee, reporting to chief executive Steven Cooper. 

Cooper said: “I’m delighted to welcome Richard and have him join the team at Aldermore. He brings a wealth of experience having run the UK’s largest motor finance business for a number of years, and his skills and expertise will be a huge asset as we aim to grow our MotoNovo business”.

Jones said: "I’m really looking forward to getting started and working with the Aldermore and MotoNovo teams. I’m joining a great, well-established business which offers a fantastic service to people looking to buy their next car, van or motorbike.

"I’m confident that we can do even better – by improving our offering and building even stronger relationships with customers, we can grow our share of the market”.

As well as his work at Lloyds Banking Group, Jones also chaired the Finance and Leasing Association (FLA) from 2017 to 2021 and provided stability within the association as it changed its director general, said Asset Finance International.