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Element Fleet Management

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is the world's leading pure-play fleet management company.

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We have the great privilege of serving 5,500 clients

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across the US, Canada,

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Mexico, Australia, and New Zealand.

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And in doing so, we provide an array of,

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of financing and fleet solutions services

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to these organizations.

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Element was born about ten years ago.

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Through a series of back-to-back acquisitions,

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they were able to indeed create market leadership

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in each of the three regions in which we operate.

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Unfortunately, the speed by which that was attempted,

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resulted in an inability

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to integrate the various acquisitions

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that were being made to rationalize

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and streamline the underlying processes,

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policies, and systems of the organization.

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And as a consequence, saw a significant erosion

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in confidence with employees, with clients,

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as well as with shareholders.

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<v ->I think Element Fleet's transformation was successful</v>

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for a few reasons.

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One, at the outset, we helped Jay and the team

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to define a very simple but clear strategy.

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We then took that strategy

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and translated that into clear objectives,

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via a balanced scorecard for the organization

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and aligned the compensation and incentive scheme

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of the organization to deliver those results.

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The third point is that we had a clear view on hypothesis

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for value creation at the onset,

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and we would then go and test those hypotheses

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as we stepped into the transformation program.

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<v ->The thing that was unusual about their value levers</v>

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in this transformation is the importance of revenue

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and balance sheet components outside of the cost.

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<v Aljoscha>We also established</v>

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a dedicated transformation office

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with a chief transformation officer

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that was reporting directly to the CEO

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and had a true seat at the table

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and one vote in the executive team of the organization.

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<v ->We truly were able to operate</v>

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as a singular combined entity,

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with common operating model, common objectives,

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and an immense degree of fluidity of tasks and focus areas

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between BCG and Element.

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<v ->I'm very proud of what we've been able to accomplish.</v>

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And as I think about it through the lens

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of our stakeholder communities, you know,

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our employees were seeking strategic clarity, they got it.

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And that informs them, that guides them,

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that engages them in the business,

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and that is readily evidenced

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by the employee engagement scores that we have received.

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From a client point of view, as you know,

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this has been

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all about the client from the outset.

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And we see the evidence of our success

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in net promoter scores that have moved

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from negative to extremely positive.

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We see it in the ability of the organization

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to identify literally billions of dollars

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of productivity savings on a proactive basis.

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We see it in a dramatic reduction in churn

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and client attrition.

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Further, the organization itself

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has seen its market value triple

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and we have consistently performed in the top quartile,

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in terms of our comparators and total shareholder return

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over this period.

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And so for me, yeah,

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the transformation is not only delivered

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for each of our stakeholder communities,

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but indeed,

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has a longevity associated with it in terms

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of the lasting benefits for each of those stakeholders.