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Element Fleet Management names CEO, plans to reconstitute board

Element Fleet Management Corp. has named Jay Forbes CEO and announced plans to reconstitute its board.

Forbes was president and CEO of Manitoba Telecom Services from 2015 to 2017. Until June 1, Dan Jauernig will remain acting CEO of Element and will then resume his responsibilities as president and COO.

Additionally, the company announced that eight of nine director nominees at its annual meeting in 2018 will be independent of the company. The decision comes as a result of Element's agreements with some of its significant shareholders, and the company's own normal course board process to refresh the board.

Rubin McDougal and Keith Graham, two independent directors, have been added to the company's board. Element will nominate two additional independent directors, Andrew Clarke and Alexander Greene, for election at the shareholder meeting. Forbes will also join the company's board. Steven Hudson and Richard Venn have decided not to stand for re-election to Element's board.

McDougal provides advisory support to several privately held enterprises; Graham is the founder and president of Rondeau Capital Inc., a private investment and advisory company; Clarke is the CFO of C.H. Robinson Inc., a third-party logistics provider; and Greene had served as a managing partner and head of U.S. private equity at Brookfield Asset Management Inc. from 2005 to 2014.

The company's 2018 shareholder meeting is scheduled for June 26.