Tim Porter is to retire from UK leasing giant Lex Autolease in late October after some five years as managing director.

Tim Porter, Lex Autolease MD

A spokesperson for parent company Lloyds Banking Group said Porter has decided to retire from the group to spend more time focusing on life outside of work.

A qualified Chartered Banker and MBA graduate, Porter joined Lex mid-2013 from Lloyds Banking Group, where he was commercial director of Lloyds Bank’s small and medium-sized (SME) operations in England, Scotland and Wales.

Following his appointment at Lex, Porter set a target of growing the firm’s fleet by a staggering 100,000 vehicles over five years to 380,000 vehicles – an ambitious target that was actually achieved eight months ahead of deadline.

Since then, Porter has outlined how the company’s latest five-year plans are taking shape, placing focus on making such growth sustainable, including through customer service, proposition design, and other types of customer motivations.

Lloyds Banking Group said the recruitment process for Porter’s successor will begin straight away to ensure a smooth transition.