Leading sustainable mobility specialist, Arval UK, has announced a change to its executive management team, with the appointment of a new managing director.
Its current lead, Miguel Cabaca, has headed-up the UK business since December 2017 and will take up a new position within the group in Spain, as its managing director.
Having held the UK MD role for more than 3.5 years, he leaves the business following a period of sustainable growth, taking the company to a leading position with electric vehicle uptake and increasing its fleet from 160,000 to well over 175,000 vehicles today.
Replacing Cabaca will be Lakshmi Moorthy who is expected to start her new role in March, subject to regulatory approval. Already UK-based with an in-depth knowledge of the market, she joins from her current role as global retail director within Arval’s Corporate Head Office, in Paris.
With more than 20 years of experience in consumer and commercial finance roles, Moorthy has worked in countries including the UK, India and France.
After gaining an MBA from INSEAD Business School, and following a spell with HSBC in India, she joined GE Capital for some six years rising to the position of MD – Marketing (Fleet Services). There she was responsible for marketing and product strategy for the fleet services unit in GE Capital International.
In 2016 Moorthy joined Arval as director – Retail, and as a member of Arval’s executive committee based in France. Here she held responsibilities for Arval's Retail business line globally, a business unit dedicated to leasing for SMEs, entrepreneurs and also individuals.
Distribution was through various channels (partner banks, OEM white labels, dealers, brokers, strategic partners and through direct/web acquisition) and the business is present in 15 countries today, with a roadmap to expand to further countries in the coming years.
Miguel Cabaca said: “It’s been a great journey leading Arval UK and I’m proud of the achievements of the whole team, especially in the last year which has been extremely tough for everyone. I’m sure that under Lakshmi’s leadership, the UK business will continue to go from strength to strength.”
Moorthy added: “In the last 3.5 years Miguel and the team have made incredible progress in developing market-leading solutions for our customers. I’ll be looking to build on that strong foundation, continuing our relentless focus to improve customer experience and drive innovation to ensure that Arval UK remains at the forefront of sustainable mobility solutions for businesses and individuals.”