THE Managing Director of Lex Autolease, Tim Porter, has announced his retirement.

A statement issued by Lloyds Banking Group said Tim wanted to spend more time concentrating on life outside of work.

Lex Autolease said it was now searching for a successor who will be announced before Tim retires in October.

The company says it wants a smooth transition before Tim goes.

Tim Porter was appointed Managing Director of Lex Autolease in May 2013. He took over from Rick Francis having previously worked as Commercial Director at Lloyds Bank’s small and medium sized (SME) operations in England, Scotland and Wales.

Tim successfully hit the target of adding 100,000 vehicles to the fleet by end 2017 in an ambitious expansion plan.

In June 2013 the fleet size was 273,000. In last year’s FN50 the Lex Autolease fleet size was 381,883. 

The expansion was focused on channels such as intermediaries, SME and commercial vehicles.