Richard Jones appointed as new CEO of Zenith

Zenith has appointed former Blackhorse and Lex Autolease CEO Richard Jones as the new group chief executive officer (CEO), subject to FCA approval.

Jones spent 10 years as chief executive of Lloyds Banking Group companies and most recently as managing director of MotoNovo, part of Aldermore Group.

He will join Zenith in the first quarter of next year (2025).

Lord Stuart Rose, Chairman of the Board of Zenith Holding, said: “Richard is an experienced business and people leader, with a 25-year career in financial services and the last 10 years in the automotive and leasing industries.

“His experience and track record of leading successful teams and organizations have enabled him to deliver value to customers, partners and shareholders, making him the ideal CEO to lead the Zenith Group through the next stage of its development.”

Jones replaces Tim Buchan, who announced in December 2023 that he would step down as CEO of the vehicle leasing company to become a non-executive director on the board at the end of this year (2024).

Rose continued: “Tim Buchan is retiring after 14 years as CEO, having built a diverse and successful business for both our customers and the incredible people who work here.

“He has worked with five private equity funds, completed two management buyouts, oversaw three transformational acquisitions and built the UK’s first direct-to-consumer contract rental company.”

Jones said that having worked in the automotive industry for many years, he had always admired Zenith.

“The company has an impressive reputation for serving its clients and has experienced continued growth, and is an award-winning employer with a strong culture focused on inclusion and performance,” he added.

“I am delighted to be appointed CEO of Zenith. This is a sector I am passionate about as it plays a key role in supporting the UK economy and meeting our society’s climate change goals.

“I look forward to working with the Zenith team to build on the many successes achieved to date and unlock the exciting opportunities ahead.”

Outgoing CEO Buchan says it is an honor to see Zenith’s business and people grow and adapt during a period of “tremendous change” in the industry.

“I am proud to have served so many successful and loyal customers and industry partners, and to have been part of the team that led so many British drivers to electric vehicles,” he concluded.

“After spending time with Richard, I know he is a great fit for our business and I am confident he is the best candidate to lead Zenith on the next stage of its successful journey.”