Details have emerged concerning Element Financial’s announcement that it would separate into two separate companies: Fleet Management and Commercial Finance.

Until the separation is completed, the current board of directors, governance and management will remain in place. However, once the separation is completed, the two entities will have independent boards and separate management teams.

An oversight committee board led by Bill Lovatt, Richard Venn and Pierre Lortie has been formed to provide monthly updates to Element’s current board of directors on the progress of the separation process. Lovatt will serve as the chairman of the Commercial Finance business and Venn will take on the same role for the Fleet Management business.

As previously announced, Steven Hudson will become CEO of the Commercial Finance business. He will be joined by David McKerroll (president of Aviation & Rail), Don Campbell (president of Vendor), Jim Nikopoulos (senior vice president and general counsel), Bruce Ells (Aviation & Rail CRO), Steve Sands (Vendor CRO), Steve Grosso (U.S. COO) and Todd Hudson (Canada COO).

Bradley Nullmeyer will be Steven Hudson’s counterpart for the Fleet Management business. Supporting Nullmeyer will be Michael Beland (CFO), Daniel Jauernig (president), Kristi Webb (CEO of North America Fleet), Jim Halliday (international COO), Katherine Parkinson (CCO) and Karen Martin (treasurer).