Steve will be based at its head office in Coventry, with direct responsibility for all Finance and Information & Communications Technology (ICT) functions.
Foster, aged 46, will replace Barry Bowditch, Finance Director, who is retiring from Fraikin at the end of 2009 after more than 20 years exemplary service to the company. His early appointment ensures a generous period of time to effect a smooth and professional handover.
He brings significant expertise to Fraikin after four years at Welsh Power Group where he held the position of Group Finance Director. As a qualified Chartered Accountant, Foster brings with him a wealth of experience in managing relations with investors and lenders, risk management, financial reporting, planning and ICT.
Commenting on his appointment, Foster says: "Since joining Fraikin it has become clear that the company has enjoyed the services of a first class Finance Director in Barry Bowditch who will prove a tough act to follow. I am enjoying working closely with my new colleagues, both in Coventry and at our Group headquarters in Paris, and look forward to supporting Fraikin in its continued growth."
Fraikin is one of the largest commercial vehicle fleet solutions providers in the UK with a turnover exceeding £90m in 2008 and a combined fleet of approximately 15,000 vehicles under its management. Its successful acquisition of Lex Transfleet’s Commercial Fleet Division in December 2005 saw the size of Fraikin’s UK-based fleet more than treble, with Fraikin Ltd now representing approximately 25 per cent of the Fraikin Group’s European operations.
Fraikin Group is owned by global private equity firm CVC Capital Partners, which has 52 companies within its portfolio, including Formula One – the world’s leading motor sport rights management business.