Richard Lacey, who is the Chief Operating Officer at Toyota Financial Services UK, shares his journey with us.

1. How long have you been a part of the Toyota family, and could you share the story of how your journey began with the company?

This is my 18th year as a member of the Toyota family, or to put it another way – my whole adult life since originally joining on a 1-year work placement as part of my university degree.

I have always had a big passion for cars, motorbikes and motor sport so when the time came to undertake my placement, I wrote to every car manufacturer in the UK to see if I could find a suitable opportunity. From all my applications, I only received one invite for an interview which was with Lexus…the rest as they say is history.

Since then, I have mainly worked in Sales & Marketing roles for Toyota GB before more recently completing a 2-year assignment at Toyota Motor Europe, and then transferring to TFSUK to continue my Toyota career journey.

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2. What initially drew you to TFS as an employer, and how has that attraction evolved throughout your time here?

Through my time at Toyota GB, I had always worked closely with the TFSUK team and I thought I had a relatively good understanding of the business.

Therefore, when the opportunity to join TFSUK was presented to me I was very excited about being able to learn much more about the business and to move into something completely different from my previous roles, whilst still being a part of the wider Toyota family.

Since joining, I have realised that my previous understanding of the business was barely scratching the surface and I had not fully appreciated the wide ranging and diverse nature of the company. I have been with TFSUK for 20 x months now and I am still learning something new every day which is highly rewarding and motivates me for some of the challenges ahead.

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3. As a COO, could you provide a glimpse into what a typical day looks like in your role at TFS?

From my 20 x months in the role so far, I am not sure there is such a thing as a typical day! Without trying to sound to cliché, what I have learned so far is that there are no constants and ultimately it is the variability and breadth that makes the role what it is.

A lot of my time is spent participating in functional committee meetings, where executive oversight and decision making is required to support the operational teams in managing our business effectively.

Another key part of my role is developing and executing key strategic priorities in conjunction with the other board members. This can include developing new products or services, enhancing our customer journeys and experiences, or with my People & Culture hat on – exploring how we can help our teams and employees maximise their potential.

The common theme that does exist across my responsibilities is the importance of building and maintaining relationships with a wide array of stakeholders.

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4. What factors influenced your decision to settle in the financial sector, and what aspects of the industry do you find most fulfilling?

What I enjoy most about the financial services sector is its dynamic nature, and the need to be able to anticipate and/or respond to a wide range of external factors that can directly impact our strategy and operations.

As mentioned above, the breadth of our business is also something very appealing to me. Often, I can go from commercially focused meetings, to customer service and then regulatory governance all in one day – there is certainly never a dull day!

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5. In a fast-paced business environment, continuous learning is essential. How does TFS support your growth and skill development to keep you up to date?

I have been given a whole host of opportunities and a lot of support to continue my personal learning since joining TFS including participating in professional development programmes, external coaching, access to LinkedIn Learning and of course on-the-job mentoring.

One of the best initiatives in TFS to support personal learning is encouraging all employees to use their ‘learning hour’ each month. Employees can use this time as they see fit to further their own personal development plans, in addition to all of the other tools and support available.

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6. The last few years have been a period of constant disruption and there’s more to come for the automotive sector. How can large businesses combat disruption?

Personally, I do not think you can combat disruption. Instead, we need to embrace it and use it as a catalyst for change in our own business. Often, disruption just means that someone else has found a new or better way of doing something. We therefore need to continue to improve, adapt and diversify accordingly, to stay relevant and to give our customers the best service possible.

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7. Looking ahead, what other milestones or accomplishments would you like to achieve in your career?

My focus from a career perspective is to keep learning and taking on new challenges rather than setting specific milestones. I still have lots to learn about TFS and financial services as an industry, particularly from a broader European and Global perspective so I certainly won’t be going anywhere soon. That said, if Gazoo Racing need another race or test driver then my helmet and gloves are ready and waiting!

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8. For aspiring leaders joining the business, would you recommend a specialist or generalist approach, and what makes your recommendation valuable?

There are of course benefits of both approaches and every individual’s situation is different, so it is hard to pick one. I have very much taken a generalist approach across my career which has allowed me to build experience across a broad range of areas and develop a wide professional network. The key bit of advice I would give to any aspiring leaders is to not get fixated or too focused on a particular role or department. Instead, be open to opportunities, expand your horizon, and above all else, be curious and ask yourself “what’s the worst that could happen?”.

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9. What would you be doing if you weren’t in the corporate sector?

I am pretty sure I would still be working with cars so most likely working as a mechanic or technician in a workshop or Motorsport team, although if my DIY skills are anything to go by I am not sure how long I would last…

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10. What book are you currently reading, or which podcast are you listening to that has caught your interest?

Non-fiction: “Lunchtime Learning for Leaders” by Dr Lucy Ryan. A shameless plug for my fantastic executive coach!

Fiction: “Broken” by Don Winslow. One of my favourite fiction authors.

Morning Commute Podcast: “A history of the world in 100 objects”. This is a BBC4 podcast which recites the history of humankind through 100 artefacts from the British Museum – something educational for my morning commute.

Evening Commute Podcast: I have just finished listening to “Spellcaster: The Fall of Sam Bankman-Fried” – a fascinating listen regardless of your interest / awareness of the Crypto-world.