Tim Porter has been appointed MD of Lex Autolease following Rick Francis’s decision to leave the firm.

Porter has more than 20 years of business and finance experience, and moves to head the UK’s largest leasing organisation from its Lloyds Banking Group parent company, where he was commercial director of Lloyds Bank’s SME operation.

He will work alongside Francis until the latter leaves at the end of June.

“Tim brings with him extensive experience of financial services and a passion for client relationships and service excellence,” said Jakob Pfaudler, managing director, Asset Finance at Lloyds Bank.

“His strategic and people leadership credentials make him the ideal candidate to take Lex Autolease through its next phase of growth and to leverage its strong identity and expertise as part of the broader Asset Finance team.”

Francis is departing Lex Autolease having headed the firm since January 2011, when he took over from Nigel Stead in the final stages of the merger of Lex and Lloyds TSB Autolease.

His new role will be as managing director of Norwich-based glazing, locks and window specialist Evander Group.