The managing director of the UK’s number two leasing firm Leaseplan is stepping down at the end of April after eight years with the company.

David Brennan is moving to a chief executive role for an as-yet unnamed private equity-backed business, though a Leaseplan spokeswoman confirmed that it is a “non-competing company”. Leaseplan finance director Dave Stickland will act as interim managing director until a long-term successor is appointed.

“I feel I can look back on the last eight years with huge pride, and I’m very happy with the current health of the business,” said Brennan, who has overseen what the company described as “substantial growth” in both profits and the scale of the business.

Leaseplan’s global CEO Vahid Daemi said: “Leaseplan UK has been extremely successful David’s time as managing director, particularly as this eight year period has included some very difficult economic conditions.”

Leaseplan is currently ranked as the UK’s number two leasing company with around 100,000 cars and 35,000 commercial vehicles on its books.