Volkswagen Financial Services (VWFS) UK has appointed a chief executive officer, to replace the outgoing David Maloney after a 16-year career with the captive.

Incoming chief executive officer Mike Todd returns to VWFS UK following two years as country manager for Volkswagen Bank Ireland, over which he led the launch of the nation’s first full captive leasing service.

He first joined the VW Group at the turn of the millennium, as general manager for Volkswagen, Audi and the commercial vehicles business. He later joined VWFS UK as head of sales, before rising to business development director and eventually chief commercial officer in 2015.

Todd said: “This is an exciting time for the motor finance industry as customer attitudes to car buying are clearly evolving with regards to the services they require from organisations such as ours.

“The UK remains one of the most important markets in Europe for automotive and motor finance and therefore I am delighted to be returning at this time.”

In his position as chief executive officer, Todd will oversee more than 1,000 staff at two sites in Milton Keynes, handling a retail relationship network comprising some 700 dealerships.

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His role also bears a high share of systemic responsibility for Volkswagen’s global captive finance operation. In its 2017 full-year results, Volkswagen singled out the UK as the main bearer of residual value risks for its leasing operations, with the country accounting for 60% of the captive business’ €433m exposure.

VWFS UK has also been one of the spearheads of mobility and innovation projects for the carmaker. Its “Battlefield” competition for start-up finance companies was held in Milton Keynes earlier this year, following the group’s first such initiative in Portugal.

The British captive is also likely to take charge for the local expansion of Volkswagen’s upcoming car-sharing brand, We Share. The car-sharing platform, to expand abroad from 2020, will spearhead the “We” family of products, through which VW intends to target “non-owners”.