Penske Truck Leasing Treasurer to Retire; Scott Cebul Appointed Successor

READING, Pa., August 7, 2012 – Penske Truck Leasing, Co., L.P. ("PTL") today announced its Treasurer Wayne Angelbeck plans to retire in the first quarter of 2013 after 30 years of service with the company.

To ensure a smooth financial leadership transition, Scott Cebul has joined PTL and will serve as its new Vice President and Treasurer. Prior to joining PTL, Cebul served as Treasurer for Bloomfield Hills, Michigan-based Penske Corporation since 2009. He also served three years as Penske Corporation’s Assistant Treasurer.

Prior to joining Penske Corporation in 2006, Cebul spent nine years with JP Morgan Chase where he was Vice President, Treasury Management Officer, and Vice President, Commercial Relationship Manager. Cebul holds a bachelor’s degree from Michigan State and an MBA in Finance from Oakland University.

In a related move, PTL announced that Becky Nester was promoted to Vice President of Investor Relations and Assistant Treasurer. Her primary responsibilities focus upon the non-bank lender community. She retains responsibility for overseeing PTL’s Treasury Operations.

Nester has been with PTL for 15 years serving in various financial leadership roles with primary responsibility for overseeing its financial planning and analysis functions and the preparation of annual and long-range financial business plans. Nester holds a bachelor’s degree from Ursinus College and an MBA from St. Joseph’s University.

"We appreciate Wayne's many years of service and the important role he played in building our company into an industry leader. We wish him all the best in his upcoming retirement," said Brian Hard President and CEO of Penske Truck Leasing. "We are excited about the opportunity for Scott and Becky as they take on new and additional responsibilities, and look forward to the contributions they will make to our future growth."

Penske Truck Leasing Co., L.P., headquartered in Reading, Pa., is a joint venture of Penske Corporation, Penske Automotive Group and General Electric Capital Corporation. A leading global transportation services provider, PTL operates more than 200,000 vehicles and serves customers from more than 1,000 locations in North America, South America, Europe and Asia. Product lines include full-service truck leasing, contract maintenance, commercial and consumer truck rentals, used truck sales, transportation and warehousing management and supply chain management solutions. To learn more about PTL’s products and services please visit www.GoPenske.com and our "Move Ahead" blog.