Robert Munn, the divisional managing director of Hitachi Capital
Business Finance, will be leaving the business in early December,
it has emerged.
It is understood that Munn, who has been at the business since
2002, is being made redundant by the company, which has also
initiated a consultation period that could result in the
redundancies of 20 or more employees before year-end.
A source at Hitachi Capital explained: “Following a board meeting
at Hitachi Capital, we were sent a memo explaining that after
reviewing the situation, the business finance MD’s position was no
longer needed, and that Munn was being made redundant.”
“It’s a very unhappy environment,” he added. “We might even exit
the entire business finance operation. Hitachi Capital has other
divisions – such as transport and consumer finance – which are
doing extremely well. If Hitachi Capital downsizes business finance
to a minimum, we will still continue to do business in the other
lines, and probably come back later, when things are a bit more
settled.”
But John Atkinson, group head of marketing at Hitachi Capital,
strongly refuted claims that the business finance division could be
shut down.
“This is definitely not the case – the business is under review,
but we’re looking specifically at the broker team, and the
intention is to replace it with direct channels.”
Last month, Leasing Life reported that Hitachi Capital had
severed the majority of its links with asset finance brokers. At
the time, Robert Munn said: “We have found our direct business to
be more profitable, less risky and more sustainable, and as such we
have made the decision to cut broker business in general asset
finance and professions finance.”
Commenting on Munn’s departure from the company, David Anthony,
group chief executive, said: “I would like to take this opportunity
to thank Rob for his contribution and commitment to Hitachi Capital
Business Finance and the group over the past seven years.
“We remain committed to providing finance for UK businesses through
all our divisions and look forward to building a new market leading
proposition within Hitachi Capital Business Finance over the coming
months,” he added.
Jason T Hesse
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