Capital One’s auto finance unit will become part of a new financial services line, reported the Associated Press. The announcement comes with the expected retirement of Dave Lawson, the unit’s president, next year.
Aside from auto finance, the new line will include small business solutions, payments, installment loans and point of sale. It will be lead by Jory Berson, who currently serves as president of the company’s U.S. card division. Replacing Lawson as head of the auto unit will be Sanjiv Yajnik, an executive vice president in Europe. He will report to Berson.
The company also announced that Ryan Schneider will now lead the company’s newly formed card line, and will no longer serve as executive vice president of the auto finance business.