Jon Walden, managing director of Lex, the vehicle contract hire company, is to leave at the end of March.
Lloyds TSB acquired Lex parent company HBOS in September 2008 and has decided to have one senior management team for Lex and its own contract hire business Autolease.
Nigel Stead, currently managing director of Autolease will become managing director for both businesses with effect from early March.
David Oldfield, managing director for Lloyds Banking Group Asset Finance, which includes the contract hire, motor, consumer and asset finance businesses, said: “Jon has decided to pursue work outside the financial services market and we offer him our best wishes as he prepares to leave the group.
“Nigel Stead has been in the contract hire industry for many years and is well known and highly respected. We are already planning how to bring the Lex and Autolease businesses together to create a strong and innovative market leader offering the highest levels of service, buying power and industry expertise.”