Lex Autolease boss Richard Jones has left the business to take on the role of managing director at rival firm MotoNovo Finance.

Richard Jones becomes managing director of MotoNovo Finance

The surprise move will see Jones begin at the business – part of specialist lending and savings bank Aldermore – in early 2023 and join its executive committee. He will report to Aldermore’s CEO Steven Cooper.

Jones became managing director of motor and leasing at Lloyds Banking Group in 2018 when the group brought its Black Horse and Lex Autolease motoring businesses under a combined leadership structure. The promotion, which saw him replace former Lex MD Tim Porter, followed three years of his successful leadership of Black Horse where he was credited with helping drive growth through investing significantly in dealer training, dealer support and digital and self-serve optionality.

His wider background at Lloyds Banking Group stretches back more than 20 years and includes senior positions within the insurance division.

From 2016 to 2021, Jones was chairman of the Finance & Leasing Association.

He attended Sheffield Business School, graduating in business studies and is a qualified chartered management accountant. He has also completed the Harvard Business School Executive programme.

In his new role at Aldermore, he will report to CEO Steven Cooper, who commented: “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.”

Richard Jones added: “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.”