Leasing company Arval has named Lakshmi Moorthy as its new UK managing director.

She will take up the role in March, subject to regulatory approval.

Moorthy will replace Miguel Cabaca, who has led Arval’s UK business since December 2017, and is moving to become managing director of the company’s business in Spain.

Moorthy moves across from a role as global retail director within Arval’s corporate head office.

She is said to have more than 20 years of experience in consumer and commercial finance roles, and worked in countries including the UK, India and France.

She worked for GE Capital from 2002, before joining Arval in 2015.

Moorthy said: “In the last 3 and a half years Miguel and the team have made incredible progress in developing market-leading solutions for our customers. 

“I’ll be looking to build on that strong foundation, continuing our relentless focus to improve customer experience and drive innovation to ensure that Arval UK remains at the forefront of sustainable mobility solutions for businesses and individuals.”

Cabaca said: “It’s been a great journey leading Arval UK and I’m proud of the achievements of the whole team, especially in the last year which has been extremely tough for everyone.

“I’m sure that under Lakshmi’s leadership, the UK business will continue to go from strength to strength.”