Bullboard - Stock Discussion Forum Element Fleet Management Corp T.EFN.PR.E

Primary Symbol: T.EFN Alternate Symbol(s): T.EFN.PR.C | ELEEF

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Element Fleet Management Corp. is a Canada-based global automotive fleet manager. The Company provides business-to-business services and financing to corporations, governments and not-for-profits. It operates in various countries, including the United States, Canada, Mexico, Australia and New Zealand. It provides services and financing for commercial vehicle and equipment fleets, reaching... see more

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TSX:EFN - Post Discussion

Element Fleet Management Corp > RBC

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Post by retiredcf on Jan 24, 2023 9:45am

RBC

January 23, 2023

Element Fleet Management Corp.

Announces retirement of CEO Jay Forbes and appoints Laura Dottori-Attanasio as successor

TSX: EFN | CAD 19.41 | Outperform | Price Target CAD 26.00

Sentiment: Neutral

Details: Element Fleet announced President and CEO Jay Forbes will retire on May 10, 2023 at EFN's AGM, but still serve as a strategic advisor to the CEO and Board Chair for a 2-year period following his retirement. Element also announced the appointment of Laura Dottori-Attanasio as CEO. Ms. Dottori-Attanasio will join Element on February 15 as President before assuming the CEO role on May 10, 2023. Ms. Dottori-Attanasio joins Element from CIBC, where she most recently served as Senior Executive Vice- President and Head of Personal and Business Banking.

Our take: While we didn't expect Mr. Forbes to retire this early, we think several factors should limit the impact of this announcement. First, with him remaining in an advisory role for 2 more years, this should assist in a seamless transition. In addition, we think Element is delivering excellent fundamentals, demonstrated by continued momentum in winning new clients and cross- selling existing clients additional fleet services, so Ms. Dottori-Attanasio can focus on maintaining that positive momentum (vs. having to make significant improvements to the business). Finally, we think as evidenced by their recent Investor Day, Element has a strong senior management team that can continue to execute on the company's growth strategy.

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