Masterson mike 400

Mike Masterson, the chief executive officer of global vehicle leasing company ALD, is to step down in March for health reasons, the company has announced.

Tim Albertsen, currently deputy chief executive officer, will take on the CEO’s role from the end of next month.

Masterson (pictured) has spent nine years as CEO and has expanded the company significantly during his tenure. ALD is part of Societe Generale, the largest asset finance company in Europe according to the Asset Finance Europe 50, published last year.

Philippe Heim, deputy CEO of Societe Generale and chairman of ALD’s board of directors, said: “I would like to thank Mike Masterson for his outstanding contribution to the development of ALD.

“Under his leadership as CEO since 2011, the company has seen exceptionally fast and profitable growth, enhancing the company’s corporate franchise, further developing the market leading white label partnership program, expanding its geographic footprint through targeted acquisitions and greenfield operations and transitioning the company towards digitalised mobility solutions.”

Albertsen has been serving as deputy CEO of ALD since 2011 after working as chief operating officer from 2008 until 2011 and senior vice-president between 2005 and 2008.

Past roles included regional director for the group in the Nordic and Baltic countries and general manager at Hertz Lease Denmark between 1997 until 2003.

He is also a former general manager at Avis Leasing and operations manager at Avis Rent a Car.

Helm added: “Tim Albertsen has extensive experience in the leasing industry and has closely participated over the past 10 years in the establishment of ALD as a global leader in the provision of mobility solutions. Together with the Board, I am confident Tim has the vision and the leadership to accelerate ALD’s successful strategic development in the sector of mobility where the company is ideally positioned to benefit from structural trends.”

The announcement came as ALD revealed its full-year results for 2019, during which its total fleet reached 1.79 million vehicles, including more than 150,000 electric and hybrid vehicles.

Green powertrains, covering hybrid, plug-in hybrid and electric vehicles, represented 13% of ALD’s passenger car deliveries globally in Q4 2019, compared to 11% in Q4 2018. In Europe, 15% of Q4 2019 deliveries were green vehicles.

Masterson said: "In line with our objective to promote sustainable growth, we are leading the market in the energy transition. The rebalancing of the powertrain mix of our fleet has accelerated again in 2019."