Element Appoints Vito Culmone as CFO

Culmone brings to Element Fleet over 25 years of financial and operational experience

August 8, 2018
The Canadian Press
The Canadian Press

TORONTO—Element Fleet Management Corp., a provider of fleet management and fleet-focused business services, has announced the appointment of Vito Culmone as the company’s new chief financial officer, bringing to the Element team deep expertise in finance and strategic planning.

Culmone will assume the role on July 16, replacing Samir Zabaneh, who has resigned as Element’s CFO to assume an executive role with another organization in the FinTech industry, where he has spent most of his successful career. Zabaneh will remain with the company for the next several weeks to ensure a smooth transition.

“We are delighted to have such a talented and experienced finance leader as Vito joining the company, one whose proven capabilities as a large public company CFO make him an ideal fit as we set Element on course for the future,” said Jay Forbes, CEO of Element. “Vito has a strong reputation as a seasoned business leader, and I’m excited to work with him to take Element to new heights.”

“On behalf of Element and its Board of Directors, I want to thank Samir for his contributions, leadership and dedicated service to Element during an eventful period in our history. I appreciate Samir’s support during my early days here at Element and wish him the best in his new role,” Forbes added.

Culmone brings to Element Fleet over 25 years of financial and operational experience, with the last 11 years having been spent serving in CFO roles at Shaw Communications, one of the country’s largest cable and communications enterprises, and WestJet Airlines, one of Canada’s largest air carriers. Prior to that he held increasingly senior positions at Molson Coors Brewing, including overseeing commercial finance as well as finance and strategy for the U.S.

Currently, Mr. Culmone is a director of EPCOR Utilities and chair of the audit committee. Across these various companies and industries, he has demonstrated exceptional strategic thinking and a focus on building sustainable shareholder value. Through it all, Mr. Culmone has earned a reputation with investors and the broader capital markets community as a strong, proven leader.

“This is an exciting time to be joining the talented team at Element, as we work to focus the Company’s strategy and strengthen its foundations, all with an eye to taking advantage of the opportunities before us to drive even more value from this industry-leading platform,” said Mr. Culmone.

Mr. Culmone started his career at Price Waterhouse, where he also completed his designation as a Chartered Accountant. He graduated from the University of Toronto in 1987 with a Bachelor of Commerce degree.

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