Volkswagen Financial Services (VWFS) UK has appointed David Maloney as its chief executive officer, effective 1 May.

Maloney will replace Graham Wheeler, who decided to pursue another opportunity within the automotive finance industry.

Maloney will be working with chief financial officer Albert van den Bergh in developing VWFS UK and its suite of products and services for the UK market.

He has over 35 years’ experience in the industry, and previously worked at VWFS UK as business development director.

In 2011 Maloney was promoted to joint-managing director of VWFS Australia and since 2014 has been head of Europe West region for VWFS, where he oversaw the markets in Norway, Sweden, the Netherlands, Belgium, Portugal and Ireland.

Maloney said: "It’s fantastic to be coming back to the UK market at such an exciting time. VWFS has seen significant growth culminating in 2015 witnessing almost 373,000 new finance contracts, over 390,000 new insurance and aftersales contracts and a total contract portfolio of over 850,000 customers.

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Our customers’ needs are changing and are demanding more novel approaches to car ownership. This is a truly exciting time for the automotive industry as traditional business models are changing due to internet-enabled technology and services. I’m delighted to be leading the company with Albert and the rest of the board through its next period of growth."