Element Fleet Announces Chief Financial Officer Succession Plan

• CFO Vito Culmone to depart Element in 2021 after completion of successful transformation
• Mr. Culmone plans to remain until successor is in place to ensure smooth transition

TORONTO, Aug. 27, 2020 (GLOBE NEWSWIRE) -- Element Fleet Management Corp. (TSX: EFN) (“Element” or the “Company”), the largest pure-play commercial vehicle fleet manager in the world, today announced the planned departure of Executive Vice President and Chief Financial Officer Vito Culmone in early 2021, and the beginning of a search for his successor.

Mr. Culmone joined Element as CFO in mid-2018 as part of a revitalized leadership team to help guide and drive achievement of the aggressive targets outlined in the Company’s transformation. With the Company in a much stronger, lower-risk position and the transformation finishing at the end of 2020, Mr. Culmone will depart Element next year. He plans to remain with Element until his successor is in place to ensure a smooth transition.

“Vito is an integral part of all we have accomplished at Element since 2018, providing nimble and experienced leadership required for our successful transformation, bringing sound strategic insights and counsel and building out a greatly improved finance and credit function,” said Jay Forbes, Element’s President and Chief Executive Officer. “While he is not leaving just yet, I want to take this opportunity on behalf of all of us at Element to say thank you to Vito for all he has done and to wish him the very best in his future endeavors.”

Element has retained a leading international search firm to identify a successor who will continue to build on the foundation Mr. Culmone has built.

“My time at Element has been immensely rewarding thanks to the great team and outstanding clients that Element is fortunate to have,” Mr. Culmone said. “With the transformation a success, the balance sheet strengthened and 19th Capital behind us, I can leave next year knowing the Company is in great hands as it leans heavily into its growth strategy. What the team at Element has achieved is nothing short of extraordinary and I feel privileged to have been part of it. Element indeed is on track for a very bright future.”