Global telematics giant Octo Group has appointed Nicola Veratelli as its new chief executive officer with a remit to lead the firm’s market expansion and next phase of growth.

Nicola Veratelli, CEO, Octo Group

Veratelli’s appointment completes the firm’s new leadership team, with former CEO Fabio Sbianchi – who founded Octo in 2002 to provide telematics to the motor insurance industry – continuing to contribute to the company’s growth from his position as a Member of the Board.

The appointment of Veratelli will enable the business to apply its strengths in data and analytics for the insurtech and intelligent mobility sector to a broader portfolio of IoT-based offerings.

Veratelli was previously senior vice president of operations & supply chain at Hertz, based in London, and also brings senior executive experience from a background that includes Rio Tinto Alcan, Eaton Corporation, LyondellBasell and Glaxo SmithKline.

“The challenge is daunting,” said Fabio Sbianchi. “The industry is evolving rapidly and the time is ripe to invest in its future and welcome new leadership to ensure that the company continues to thrive as it has done in the past 18 years.”

Veratelli also commented on his appointment, adding: “It’s an incredible honour to have the opportunity to serve and lead this company which has gone from a brilliant idea to an universally admired leader of an industry it helped pioneer. I look forward to catalysing the Octo organisation to enable even more value from IoT data, leveraging the unparalleled expertise of our people.”