The chief executive of car leasing and fleet management group Eclipx says costs are still ''unacceptably high'' in the group although there's solid early progress in a cost-cutting program to rip out $20 million in savings.

Julian Russell, a former UBS investment banker who took the helm on May 13 and is attempting to right a company that lost its way after some poor acquisitions, said a simplification push was paying early dividends but there was still a long way to go.