Octane Lending placed a company leader in a newly created role. Steven Fernald will step into Octane’s newly created president position.
Fernald will manage powersports and outdoor power equipment business operations. He will continue to uphold his chief financial officer responsibilities and report to Octane founder and CEO Jason Guss.
Guss said, “Given our considerable success in powersports, we are establishing the position of president to lead the business into its next phase of growth, and Steve is the ideal executive to take on this role.”
Fernald has more than 30 years of financial sector leadership experience. He joined Octane in 2019 and established the lender’s securitization program, which produced $365 million in asset-backed securitizations.
He launched Octane’s forward-flow program in December. Under his leadership, the company became operating cash flow positive in 2021 and GAAP net income profitable in 2021.
Before Octane, Fernald served as Morgan Stanley managing director, UBS Investment Bank managing director and chief financial officer of a private financial technology company.
Fernald said, “It has been an honor to help Octane achieve such significant milestones during my tenure with the company and I am excited to build on our momentum in the powersports space.”
