The executive chairman of Angle Auto Finance, Bernie Campbell, has announced the appointment of a new chief executive officer, Aaron Baxter. 

Mr Baxter comes to Angle Auto Finance after a highly successful career in asset finance at GE Capital and more recently at Custom Fleet. Twenty seven years in the finance industry, he is a specialist in automotive finance. He spent nearly seven years with Custom Fleet which is part of Element Fleet Management. 

He is also currently a non-executive board member of the Australian Finance Industry Association (AFIA) which he joined in January 2019.

Mr Baxter joined Custom Fleet in 2015 when the Canadian group Element Financial Corporation bought Custom Fleet from GE Capital as part of the financial services giant’s global sell-down. 

Mr Baxter will join Angle Auto on September 5, 2022 and will take on the CEO position at Angle from January 2023. 

Aaron Baxter

The current CEO Gary Thursby will move on to a broader role with Cerberus Capital Management which owns Angle.

Angle Auto Finance said in a statement that Mr Baxter’s appointment “is the next stage in Angle Auto’s growth journey, following the successful acquisition of the Westpac dealer finance and novated leasing business in June 2021. He is a growth-oriented CEO with a focus on customers and partners and a track record for building businesses”.

As CEO, Mr Thursby has overseen the establishment of Angle’s new systems and processes as well as the transition and hire of more than 350 people to establish the auto finance business.

“The Angle Auto business is building strong momentum, approving $1.5bn in new lending since late March,” the statement said.

In addition to his role with Cerberus, Mr Thursby will remain as an executive director of Angle Auto with a focus on delivering business strategy.

Gary Thursby

Angle Auto Finance executive chairman, Bernie Campbell said: “These executive moves are positive for Angle Auto Finance as we rapidly transition from start-up to scale-up and build on the significant achievements we have made under Gary’s guidance.

“Gary will remain full-time in the business until the end of the year and at that time will continue as an executive director of Angle Auto with a focus on key aspects of our business strategy and take on a broader role across the Cerberus portfolio.

“It was always going to require a leader of Gary’s talent and capacity to successfully complete the enormous task of standing up the Angle Auto Finance business in such a short timeframe. 

“Having built an outstanding business and team during its start-up phase, and approaching two years from bid commencement, the time is right for us to transition to a new leader to steer the business into its next stage.

“We believe the combination of Gary’s continued involvement and Aaron as CEO will ensure the future success of the business and delivery on the clear potential of the Angle Auto Finance business.”

Bernie Campbell

The plan is that between taking on the CEO role in September and January, Mr Baxter will be spending time getting to know the business and getting into his role. The company said he already knows the industry and its customers well and will be spending time with them.

Mr Baxter spent nearly 18 years at GE Capital and rose to managing director of corporate & commercial finance for Australia and New Zealand. 

GE Capital Commercial incorporated leverage and sponsored finance, aviation finance, asset based lending, debtor financing, wholesale financing, import finance, retail auto, GE Custom Fleet and equipment finance.

At GE Capital, Mr Baxter also held roles as managing director GE Capital New Zealand, managing director corporate and commercial finance Australia and New Zealand, general manager Australia, general manager – sales, national sales leader, integration leader, district manager, national leader of retail services, area sales manager VIC/TAS and Victorian account manager (consumer finance).

Angle Auto Finance is owned by Private Equity firm Cerberus Capital Management, together with Deutsche Bank. Cerberus, the US-based private equity fund invests largely in non-bank financial institutions and real estate and is looking to further expand in Australia.

By John Mellor