Richard Jones named new CEO of Zenith

Zenith has appointed former Blackhorse and Lex Autolease MD, Richard Jones, as its new group chief executive officer (CEO), subject to FCA approval.

Jones spent 10 years as MD of the Lloyds Banking Group companies, and more recently, managing director at MotoNovo, part of the Aldermore Group.

He will join Zenith during the first quarter of next year (2025).

Lord Stuart Rose, chair of the Zenith Holding Board, said: “Richard is a seasoned business and people leader, with a career spanning 25 years in financial services, and the last 10 years in automotive and leasing.

“His experience, and track record in leading successful teams and organisations, has enabled him to deliver value for customers, partners and shareholders, making him the ideal CEO to lead the Zenith Group through the next stage of its development.”

Jones replaces Tim Buchan, who announced in December 2023, that he was stepping down as CEO of the vehicle leasing company to become a non-executive director on the board at the end of this year (2024).

Rose continued: “Tim Buchan retires after 14 years as CEO, having built a diverse and resilient business for both our customers and the incredible people who work here.

“He has worked with five private equity houses, completed two management buyouts, overseen three transformational acquisitions, and built the UK's first direct-to-consumer contract hire business.”

Jones said that having worked in the automotive sector for a number of years, he had always admired Zenith.

“The company has an impressive reputation for delivering for its customers, and has enjoyed sustained growth, as well as being an award-winning employer with a strong culture focused on inclusion and performance,” he added.

“I’m delighted to be appointed as CEO of Zenith. This is a sector I am passionate about because it plays a vital role in supporting the UK economy, and in delivering our society’s climate change goals.

“I look forward to working with the Zenith team to build on the many successes achieved to date, and to unlock the exciting opportunities ahead of us.”

Outgoing CEO, Buchan, says it has been an honour to see the Zenith business and people grow and adapt over a period of “immense change” within the industry.

“I’m proud to have served so many successful and loyal customers and industry partners, and to have been part of a team that has led the transition to electric vehicles for so many UK drivers,” he concluded.

“Having spent time with Richard, I know he is a great fit for our business, and I have every confidence he is the best candidate to take Zenith onto the next stage of its successful journey.”