Corpay

Ron Clarke is a long‑tenured operator with a track record of decisive portfolio shaping and capital deployment. The CFO seat transitioned in 2025 from Tom Panther to Peter Walker, an experienced public‑company finance leader. The team’s strengths lie in distribution, M&A integration and operating discipline.

Offsetting this, the FTC litigation outcome reflects past governance/marketing shortcomings that now impose permanent compliance obligations and reputational risk in U.S. fleet. Overall we view management as capable, with governance improving but still under watch.