New CEO and president for ELFA

The Equipment Leasing and Finance Association (ELFA) has announced that Ralph Petta, currently its chief operating officer, will succeed president and CEO William G. Sutton who is set to retire at the end of the year.

Sutton has led ELFA, the trade association representing financial services companies and manufacturers in the $903 billion US equipment finance sector, since 2010. He also serves as president of the association’s research affiliate, the Equipment Leasing & Finance Foundation.

“We are so grateful for Woody’s outstanding leadership on behalf of our industry and our member companies over the past five years,” said Adam Warner, ELFA immediate past chairman, chairman of the transition committee and president of Key Equipment Finance. “His expert guidance of ELFA following the financial crisis helped the association emerge from the recession stronger than ever, and the association has grown in every area under his watch.”

Sutton said he felt the time was right for him to retire, saying: “ELFA is in a strong position and is poised for continued success, with an engaged membership, terrific volunteer leadership, skilled staff and sound fiscal standing. I believe 2015 will be our best year yet and when I turn the reins over to Ralph Petta at the end of this year, I know the association will continue to thrive.”

Sutton is a former US Navy rear admiral with 30 years of service as a surface warfare officer, and has also had a 15-year career in business.

His replacement as CEO, Petta, has been with ELFA since 1987 becoming chief operating officer in 2010. He previously worked for nine years in the office of US senator Sam Nunn.

“I am honored to have been chosen to lead ELFA and look forward to building on the strong foundation that has been built by my predecessors,” said Petta. “There is no other organization in the financial services space that delivers the level of service and the value proposition offered by ELFA to its members—through industry information, advocacy, business and professional development and industry promotion.”