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Turnaround expert Jay Forbes unveiled his fix for leasing company Element Fleet Management Corp. on Monday by announcing plans to improve customer service, wind down a troubled division, slash the dividend and raise $300-million in an equity offering.

Element is North America’s largest commercial vehicle financier, with a portfolio of more than a million trucks and industrial equipment. Mr. Forbes was hired as Element’s chief executive in June to fix a business that was built through a series of acquisitions, including the 2015 takeover of General Electric Co.'s fleet business, and was experiencing growing pains and losing clients.

Bradley Nullmeyer, Element’s previous CEO, retired in February.

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Mr. Forbes took the top job after Element’s board of directors concluded a strategic review that failed to find a buyer for the company. He is former CEO of Manitoba Telecom Services Inc. and three other companies that overcame significant operational challenges.

“We have embarked on a transformational reset of Element’s business, with a renewed focus on our customers and on improving productivity,” Mr. Forbes said in a news release on Monday.

He outlined plans to boost annual profits by $150-million over the next two years by improving client service and streamlining Element’s structure. The company will invest $150-million in its systems and in revamping its work force to achieve this goal, spending that will be funded in part with a 40-per-cent reduction in Element’s quarterly dividend to 4.5 cents.

Element also said on Monday that it will take full control of 19th Capital Group, a truck-leasing business based Indianapolis that was formerly a joint venture with another finance company. Element will wind down the business over the next three years. 19th Capital has a significant inventory of idle trucks, and Element plans to dispose of these vehicles. Fleet will take a $360-million after-tax charge as it shuts down the business. “Over its short history, 19th Capital has meaningfully underperformed expectations," Element said in the release.

To ensure the company maintains an investment-grade credit rating, Element said that it has raised $300-million by selling shares for $6.60 each to a syndicate of investment banks led by CIBC World Markets, BMO Nesbitt Burns and Barclays Capital Canada Inc. The money is earmarked for paying down debt.

Element’s stock price peaked at $15 in 2015, after the GE acquisition, and has since declined steadily, closing on Monday at $6.70 a share.

Four months after arriving, Mr. Forbes has introduced more than 80 separate initiatives aimed at improving operations and posting long-term profitability. To simplify Element’s structure, the company said it is reducing the nine layers of organization between the CEO and customer-facing employees to five levels of management.

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The company said the initiatives now underway are projected to generate earnings of 90 cents to 95 cents per share in fiscal 2020; the company earned 19 cents per share in fiscal 2017.

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