Ryder System names former OneMain Financial executive as CFO

Scott T. Parker will be Ryder System Inc.'s next chief financial officer.

On April 5, Parker will succeed Art Garcia, who announced his retirement in September 2018 after 20 years with the Miami-based logistics giant (NYSE: R). Parker will report to Robert E. Sanchez, chairman and CEO of Ryder.

"Scott is a highly talented and seasoned leader with a proven track record of successfully driving top-line growth and improved profitability," Sanchez said in a Wednesday morning announcement from the company. "His extensive financial expertise, along with his strategic mindset, will help take us to the next phase of our growth strategy in the constantly evolving transportation and logistics industry."

According to a U.S. Securities and Exchange Commission filing from Ryder, Parker will earn a base salary of $575,000, plus an opportunity to receive an annual target bonus equal to 100 percent of that amount, and an additional equity inducement award for $4.8 million to make up for the equity Parker forfeited by leaving Evansville, Indiana-based personal loan provider OneMain Financial, his previous employer. The inducement award includes $4.3 million of time-vested restricted stock rights and $500,000 in stock options.

Parker since 2015 was VP and CFO of OneMain, where he oversaw all financial operations including accounting, tax, financial planning and analysis, treasury and investor relations. The company (NYSE: OMF) announced Parker's departure Tuesday.

Prior to his nearly four years at OneMain, Parker was CFO of commercial financial company CIT Group Inc. (NYSE: CIT) from July 2010 to October 2015. He was also CFO, and later COO, of Cerberus Operations and Advisory Co., an affiliate of private equity firm Cerberus Capital Management.

Parker's 15 years of leadership in industrial and financial services businesses also included a CFO role at GE Capital Solutions, the financial services division of General Electric Co. (NYSE: GE), from 2005 to 2006.

Parker earned a bachelor's from Cornell University.

"I'm thrilled to join a new industry and such an innovative, forward-thinking company," Parker said. "I look forward to working with the management team as we continue to grow the business and build on our success."

Parker will be based at Ryder's Miami headquarters. Garcia will remain CFO of the company until Parker's starting date.

Ryder is one of South Florida's largest public companies with $8.4 billion in revenue.