Gwen Moran 2017-01-20 04:14:02
New ELFA Chairman brings decades of experience and fresh vision to his role
IN A WORLD focused on quick achievements and immediate return-on-investment, it’s rare to find someone who exhibits short-term success, but also has an eye on the horizon and a commitment to building toward something better. ELFA found such a professional in 2017 Chairman Anthony “Tony” Cracchiolo, President and CEO of U. S. Bank Equipment Finance.
Anthony “Tony” Cracchiolo
An Experienced Leader
A 35-year veteran of the industry, Cracchiolo has a long history of building talent. In his current position, he leads and oversees U. S. Bank Equipment Finance’s operations, including nine business units ranging from small business and technology finance to capital equipment and government leasing and finance. He has been with U.S. Bank since 2007 and has been instrumental in growing their vendor channel businesses, including office equipment, healthcare, manufacturing and technology vendor services, as well as the division’s syndications group.
Prior to joining U.S. Bank, Cracchiolo held the position of Managing Director of CitiCapital Vendor Finance for Business Technology. He started his career at Citi and remained there for a remarkable 29 years, ultimately overseeing worldwide financial networks for the company as well as all aspects of the leasing business. He also supervised company-wide restructuring projects, bringing a wealth of industry experience to his post.
Focusing on 2017
As Cracchiolo takes over the ELFA helm, he does so with a mixture of optimism and vision. With a contentious election decided, he believes some of the hesitation that is common during elections will abate and more companies will begin spending again. He forecasts that the new administration’s business-friendly positions could spur industry growth and move the business climate from a “replacement economy” to an “expansion economy,” which would be good news for members.
In the immediate future, he sees ELFA playing a key role in shaping policy. He points to the industry’s long involvement in the new lease accounting standards as an example of the association’s influence. As focus shifts to tax policy and regulatory matters, such as reducing corporate tax rates and possibly eliminating some loopholes, he sees an opportunity for ELFA to bring similar insight to the policymaking process.
“As we go forward, given the administration changes as well as the discussions in the political circles around changing tax policy, ELFA is going to be focused on that quite a bit,” he says, noting that ELFA’s federal and state government relations teams are already hard at work advocating for the best interests of the industry.
He is also working with current and former ELFA Board members to build an infrastructure of seasoned professionals knowledgeable about the industry to work with state-level governments. With more than 5,000 municipalities and 50 states, he says that new regulations and their impact are a constant concern for members. By tapping former Board members to help educate state and local governments about the industry, he says the organization’s impact can be more significant and useful.
Cracchiolo also points to building the industry overall as a key objective. He fully supports ELFA’s efforts to promote diversity and expansion of the Women in Leasing program, which is focused on elevating more women to leadership roles in the industry and the association. A new task force has been formed to identify how ELFA can get more women into senior roles in the leasing industry and explore ways to drive diversity within the association.
In addition, he is enthusiastic about progress being made by the Emerging Talent Advisory Council, which identifies rising junior talent within companies and involves them in efforts to attract the best and brightest to the industry. Continued outreach to colleges and universities through the Guest Lecture Program is helping to promote equipment finance as a viable career option, raising the industry’s profile.
“The association’s challenge is that we’ve got to continue to keep the efforts going, even though the Chairperson moves on. That’s why it’s so important to have long-term goals and for each ELFA Chair to have experience on the Board, becoming familiar with why certain objectives are important. That way, we can begin initiatives knowing that we have the commitment to make them successful in the long-term,” he says.
Building Toward the Future
At the same time, Cracchiolo also recognizes that none of these initiatives is an overnight process. In fact, many of the efforts he oversees in the coming year will be resolved well after he has left the chairmanship.
“These efforts may take a good five or seven years in some cases. So, the question becomes, ‘How do you prepare leaders in the organization to carry on these efforts?’ You need that longevity and that experience to continue those efforts as you become Chairperson,” he says.
Cracchiolo addresses the ELFA Annual Convention
Cracchiolo emphasizes that maintaining organizational stability and momentum requires a solid succession plan similar to a company’s plan. ELFA has long worked to build a team of talented, experienced professionals ready to take on leadership roles, so transition happens smoothly and longterm plans are realized, he says.
The new Chairman himself is a good example of that dynamic. An active participant in ELFA, Cracchiolo has served on the Board of Directors since 2010. In addition to his current position on the Board, he has been a member of ELFA’s Executive, Personnel, Nominating, Investment and Audit Committees, as well as the Captive and Vendor Finance Business Council Steering Committee. In 2015, he served as a Trustee of the Equipment Leasing & Finance Foundation.
But when Cracchiolo discusses the industry in which he has built such an illustrious career, his passion is the same as that of an ambitious young professional just starting out. A dedicated road warrior, he enthusiastically spends much of his time traveling to meet with clients.
“It’s a tremendous industry and I’m very blessed and lucky to be part of it. It’s a very rewarding experience,” he says. “I am truly honored to take on the role of Chairman of the Board. I look forward to continuing the important work that is already underway, furthering the evolution of our association and rising to the challenges ahead.”
Gwen Moran is a New Jersey-based freelance business and finance writer.
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