Element Fleet Management announced that Chairman Brian Tobin will depart at year end.

With Element’s transformation well underway, and with the assumption of increased responsibilities as vice chair of BMO Financial Group, Tobin has tendered his resignation as chairman and director of Element effective December 31, 2018. The company’s Compensation and Corporate Governance Committee has begun a search to find the ideal candidate to replace Tobin.

“There is never a good time to say goodbye to a Chairman of Brian Tobin’s talents, but we do so knowing that Element is much stronger because of all he has done,” said Jay Forbes, chief executive officer of Element. “Brian’s contributions to Element are numerous and lasting, including his important role in helping to drive stronger governance, building out our new management team, and helping to formulate our strategy for future success. He has served as wise counsel to me over these past five months and I will miss his generosity of spirit and wisdom. On behalf of all of us at Element, I thank him and wish him well in his expanded role.”

Tobin commented: “Element is in excellent hands, with a strong board and a talented management team, and the company is making tremendous progress on its new strategy to create value for customers and shareholders. I am looking forward to helping the Company grow and prosper in my role at BMO Financial Group, which has a long and important relationship with Element.”