Nicole Torraco says women in the equipment finance industry should ask questions, never stop learning while growing their network of contacts and learn by listening. She says being persistent in the face of adversity and keeping focus on what needs to be done to get things right is key to being successful.
“Ask questions and never stop learning. Grow your network of contacts and learn by listening to them. Be persistent in the face of adversity and don’t give up. Keep focus on what needs to be done to get things right. Most of all, trust in yourself,” Torraco says. “You often know more than you think you do.”
Torraco works to inspire a growth mindset within Xerox as the president of FITTLE, Xerox’s recently rebranded equipment finance business. This growth mindset enables ongoing progress and rapid expansion. Under her guidance, FITTLE continues to sign new partners, move into industries beyond print and add new products to its offerings. Torraco even signed the first original equipment manufacturer vendor partnership for FITTLE. Her focus on continued investment in technology, data analytics capabilities and artificial intelligence enables FITTLE to build, deploy and manage innovative financing solutions to meet a wide variety of customer needs. She sees a clear vision for the company and remains resilient in the face of a challenging business environment, focusing on growth and delivering value to customers and partners.
Torraco began her career in the financial services industry, working in restructuring, M&A and investment management before joining Xerox in 2018 as vice president of strategy and M&A. She was later promoted to chief strategy and M&A officer, Under Torracos’s leadership, Xerox closed seven acquisitions before she was named president of FITTLE. Her drive to build businesses, solve problems and deliver operational excellence continues to benefit the team at Xerox.
‘Nicole is a true transformational leader. From her start at Xerox leading strategy and M&A to building out FITTLE, she has embodied the leadership attributes we look for at Xerox. In just over a year, she has rapidly expanded and reshaped our financing and leasing business to deliver a range of solutions to meet our customers’ needs,” Steve Bandrowczak, CEO at Xerox, says. “Her growth mindset has brought new partners, industries and technology into FITTLE. She continually looks at challenges as a way to inspire and energize her team to drive results.”
Torraco has been instrumental to leading the transformation of what was Xerox Financial Services into FITTLE. Her work has included building a new management team and organizational structure, development and deployment of a new tech stack and the first publication of financial disclosures in SEC documents. Torraco essentially expanded a captive leasing operation for Xerox’s print business into a financing solutions provider serving a variety of industries ranging from IT services and software to cleantech,
“Nearly eight in 10 U.S. businesses use equip ment financing to operate and grow,” Torraco said when Xerox introduced the FITTLE rebrand in February. “Industry forecasts show that growth in capital spending will continue and equipment and software financing will play a significant role as businesses require vendor financing and dealer leasing solutions that fit their unique needs.”
Torraco also serves as an ally and champion for Xerox’s Hispanic Association for Professional Advancement (HAPA) employee resource group, a voluntary, employee-led group that supports employees and fosters a diverse and inclusive workplace.
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