Lloyds Banking Group businesses Black Horse and Lex Autolease will be run under a single combined leadership structure from November 1.

Richard Jones, current managing director of Black Horse, will look after both brands; as managing director of Motor and Leasing.

The leadership change comes following Lex boss Tim Porter’s announcement that he plans to retire.

During his tenure, Porter increased the Lex Autolease fleet by more than 100,000 vehicles; strengthening its position at the top of the FN50.

Jones has worked for Lloyds Banking Group for more than 20 years, taking his current role at Black Horse in 2015.

He has driven the growth of the motor finance provider through investing significantly in dealer training, dealer support and digital and self-serve optionality.

Last year this investment saw Black Horse support more than 350,000 people at 4,500 dealers finance cars, motorbikes, scooters, caravans and motorhomes.

“This is a fantastic opportunity to lead Lex Autolease and Black Horse forward through an exciting period of change in our markets.  The success of both businesses is founded on the expertise and the efforts of our colleagues, delivering for our customers through successful partnerships, relationships and stakeholder engagement.

“The automotive industry is going through a period of transformation, and we have an important role to play in helping fleets and individual drivers to get the right vehicle, for the right job with the financial support that best meets their needs,” said Jones.

Porter will work closely with Jones to ensure a smooth transition.