Lloyds Banking Group is bringing its Black Horse and Lex Autolease motoring businesses under a combined leadership structure from November, overseen by Richard Jones in the newly-created role of managing director of motor and leasing.

Richard Jones becomes managing director of motor and leasing at Lloyds Banking Group

It follows the news that Tim Porter, currently MD of Lex, is to retire in late October after some five years as managing director.

Jones is the current managing director of Black Horse and has more than 20 years’ experience at the Lloyds Banking Group, including senior positions within the insurance division before his move to Black Horse in 2015.

He is credited with helping drive the growth of Black Horse through investing significantly in dealer training, dealer support and digital and self-serve optionality.

Jones commented: “This is a fantastic opportunity to lead Lex Autolease and Black Horse forward through an exciting period of change in our markets.  The success of both businesses is founded on the expertise and the efforts of our colleagues, delivering for our customers through successful partnerships, relationships and stakeholder engagement.

“The automotive industry is going through a period of transformation, and we have an important role to play in helping fleets and individual drivers to get the right vehicle, for the right job with the financial support that best meets their needs.”

Tim Porter is also credited with having achieved significant positive changes at Lex. During five years as MD, he set an ambitious target of growing the firm’s fleet by a staggering 100,000 vehicles to 380,000 vehicles and actually achieved this eight months ahead of deadline.

Since then, Porter has outlined how the company’s latest five-year plans are taking shape, placing focus on making such growth sustainable, including through customer service, proposition design, and other types of customer motivations.

Jones will work closely with Porter over the coming weeks to ensure a smooth transition.