WEBVTT

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<v ->Jay, it's great to see you.</v>

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Thanks for joining us here today.

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<v ->Thank you, Aljoscha.</v>

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<v ->What challenges was Element facing</v>

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when you took over as a CEO, and what led you

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to engage on this transformation journey?

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<v ->Well, as you know, Element Fleet Management</v>

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

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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 to integrate

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the various acquisitions that were being made.

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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 ->What were some of the secrets</v>

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for the success of this transformation?

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<v ->I think firstly, our ability to narrow the strategic focus</v>

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of the organization.

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That ability to stay focused on a three-prong strategy

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throughout the two-and-a-half-year journey

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allowed the organization to center its focus

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and to amass its resources against a few things

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that mattered most.

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Secondly, quick wins.

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That ability to gain traction immediately

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with the transformation agenda,

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to demonstrate the fact that it was realizable,

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and to create funding that would allow us to

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progress the entire transformation agenda

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in keeping with the pace of change

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that we wanted for the organization.

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<v ->Reflecting back, what do you see</v>

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as the key results and key successes?

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<v ->This really was kind of the wholesale transformation</v>

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of the organization.

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There wasn't any aspect of the business

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that wasn't examined, and in the end, remediated,

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improved for the benefit of multiple stakeholders.

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And as I think about it through the lens

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of our stakeholder communities,

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our employees were seeking strategic clarity.

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They got it.

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From a client point of view.

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As you know, this has been all about the client

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from the outset, and creating a consistent, superior

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client experience.

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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.

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We see it in a dramatic reduction in churn,

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in client attrition.

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Further, the organization itself

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has seen its market value triple

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as a consequence of these changes.

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And we have consistently performed

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in the top quartile in terms of our comparators

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and total shareholder return over this period.

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<v ->What would your advice be to a new CEO</v>

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stepping into that role

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and stepping into a multi-year transformation journey?

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<v ->I do believe that successful transformation begins</v>

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in the office of the CEO.

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You need to make this your primary purpose.

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You need to be actively engaged in advocating for this

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as a focal point for the organization.

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I think secondly, I would strongly recommend

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that narrowing the strategic focus of the organization

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is of critical importance.

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The resources that are consumed in a transformation,

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to do it well and do it right, are quite exceptional.

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Diffusing those resources across competing agenda items,

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I think can be quite dysfunctional in terms of

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achieving a successful outcome.

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There is a long-lasting benefit

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that accrues with transformation.

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And that is the ability to materially shift

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the culture of the organization.

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When I think about the transparency

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that this organization now demonstrates

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with all of its stakeholder communities.

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When I think about the agility

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and the accountability of the organization

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and how much more enhanced it is.

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They're all byproducts of transformation,

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and not just the what we changed,

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but the choices we made around how we were going to change.

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<v ->Jay, thank you for making the time.</v>

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It was great seeing you again.

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<v ->Thank you, Aljoscha.</v>

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It's so nice to reminisce.