Wells Fargo names GE Capital veterans to lead key businesses in Canada
TORONTO--Wells Fargo named leaders for its Equipment Finance and Commercial Distribution Finance (CDF) Canada divisions following the completed acquisition of GE Capital’s Direct, Vendor and CDF businesses earlier this year. Continuing to deliver the suite of products and services offered in Canada and the U.S, Peter Ringler will lead Equipment Finance and Tim Nixon will lead CDF.
“Peter and Tim represent the talent and expertise of the great team members, products and services we gained through our recent acquisition of GE Capital’s businesses,” said Tim Sloan, Wells Fargo’s president, chief operating officer and head of Wholesale Banking. “As we continue to strengthen our capabilities and presence in Canada, we are better able to provide our customers with the financial resources and support they need to be successful.”
Peter Ringler, a Canadian with 25 years of industry experience, is responsible for delivering direct and vendor programs to a wide range of industries in Canada, including transportation, construction, manufacturing, energy and mining, office imaging and technology for Wells Fargo Equipment Finance. Based in Ontario, he leads a team of more than 250 team members serving 20,000+ customers across Canada. Prior to joining Wells Fargo, Peter spent 20 years with GE Capital, most recently serving as chief commercial officer for Canada, where he led the equipment finance and lending teams. He has been a board member of the Canadian Leasing and Finance Association since 2013.
Tim Nixon, a 20-year industry veteran and an Ontario native, leads a team of 180 team members who provide inventory financing to more than 4,000 dealers across Canada. CDF, a financier to Canadian companies for nearly 50 years, serves 20 specialized industries, including motorsports, lawn and garden, marine, recreational vehicles, agriculture, electronics and appliances. Prior to joining Wells Fargo, Tim spent 20 years with GE and GE Capital in a number of leadership roles in sales, quality and operations, most recently serving as senior operations Leader for Canada where he implemented several customer experience improvement projects while executing on a variety of productivity and governance initiatives.
Commercial Distribution Finance (CDF) provided $47 billion in financing for more than 40,000 dealers and more than 2,000 distributors and manufacturers globally in 2015. CDF provides inventory financing solutions, service and intelligence through in-depth industry expertise and commitment. Programs include inventory and accounts receivable financing, asset-based lending, private label financing, collateral management, and related financial products. On March 1, 2016, Wells Fargo acquired the North American business of CDF from GE Capital. The sale will be completed as a phased approach with the remainder of the business closing globally in 2016.
Wells Fargo Equipment Finance provides competitive fixed- and floating-rate loans and leases covering a full range of commercial equipment for businesses in the U.S. and Canada. Wells Fargo Equipment Finance is a leading bank affiliated equipment leasing and finance business in North America by asset portfolio and annual originations, with more 2,250 team members. Canadian business is transacted by Wells Fargo Equipment Finance and serves more than 20,000 customers and has a portfolio of approximately $3.5 billion Canadian dollars in assets under management.