Trinity Industries, Inc. Announces Retirement of Timothy R. Wallace as Chief Executive Officer and President
06 September 2019 - 10:00PM
Business Wire
Board of Directors Initiates Search for
Successor
Trinity Industries, Inc. (NYSE:TRN) (“Trinity” or the “Company”)
today announced that Timothy R. Wallace has notified the Company’s
Board of Directors of his decision to retire as Chief Executive
Officer and President. The Trinity Board is initiating a search to
identify Mr. Wallace’s successor and will consider both internal
and external candidates. Mr. Wallace has agreed to continue in his
current roles for as long as necessary to facilitate a smooth
transition.
“It has been my honor and privilege to be a part of this great
company for the past 44 years and lead it for the past 20,” said
Mr. Wallace. “With a strong foundation and team in place, I believe
this is an opportune time for me to step back and let a new leader
guide Trinity into the future. I am proud of all we have
accomplished together, and I am committed to continuing to work
with the Board and management team to ensure a smooth
transition.”
Mr. Wallace joined Trinity in 1975 and has been Chief Executive
Officer and President of the Company since 1999. In addition, he
served as Chairman of the Board from 1999 to March 2019. Among
numerous achievements spanning his long career, Mr. Wallace played
a key role in growing TrinityRail’s lease fleet into one of the
largest in North America and establishing an integrated rail
platform that provides customers with customized solutions of
products and services.
Trinity’s non-executive Chairman Leldon Echols stated, “On
behalf of the Board, I want to thank Tim for his significant
contributions and service to Trinity over more than four decades.
Tim has made a difference in every facet of this company. He has
been instrumental in building a strong corporate culture dedicated
to premier performance – fostering collaboration throughout the
business and a commitment to excellence and continuous improvement.
Under Tim’s leadership, Trinity evolved from a manufacturer of
railcar products to a premier integrated platform of railcar
products and services with market-leading positions in North
America. Tim has developed a deep bench of management talent to
support the Company’s continued success, and we are excited about
the future of the company going forward.”
Company Description
Trinity Industries, Inc., headquartered in Dallas, Texas, owns
businesses that are leading providers of rail transportation
products and services in North America. Our rail-related businesses
market their railcar products and services under the trade name
TrinityRail®. The TrinityRail integrated platform provides railcar
leasing and management services, as well as railcar manufacturing,
maintenance and modifications. Trinity also owns businesses engaged
in the manufacture of products used on the nation’s roadways and in
traffic control, as well as logistical and transportation
businesses that provide support services to a variety of industrial
manufacturers. Trinity reports its financial results in three
principal business segments: the Railcar Leasing and Management
Services Group, the Rail Products Group, and the All Other Group.
For more information, visit: www.trin.net.
Some statements in this release, which are not historical facts,
are “forward-looking statements” as defined by the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include statements about Trinity's estimates,
expectations, beliefs, intentions or strategies for the future, and
the assumptions underlying these forward-looking statements,
including, but not limited to, future financial and operating
performance, future opportunities and any other statements
regarding events or developments that Trinity believes or
anticipates will or may occur in the future. Trinity uses the words
“anticipates,” “assumes,” “believes,” “estimates,” “expects,”
“intends,” “forecasts,” “may,” “will,” “should,” “guidance,”
“projected,” “outlook,” and similar expressions to identify these
forward-looking statements. Forward-looking statements speak only
as of the date of this release, and Trinity expressly disclaims any
obligation or undertaking to disseminate any updates or revisions
to any forward-looking statement contained herein to reflect any
change in Trinity’s expectations with regard thereto or any change
in events, conditions or circumstances on which any such statement
is based, except as required by federal securities laws.
Forward-looking statements involve risks and uncertainties that
could cause actual results to differ materially from historical
experience or our present expectations, including but not limited
to risks and uncertainties regarding economic, competitive,
governmental, and technological factors affecting Trinity’s
operations, markets, products, services and prices, and such
forward-looking statements are not guarantees of future
performance. For a discussion of such risks and uncertainties,
which could cause actual results to differ from those contained in
the forward-looking statements, see “Risk Factors” and
“Forward-Looking Statements” in Trinity’s Annual Report on Form
10-K for the most recent fiscal year, as may be revised and updated
by Trinity’s Quarterly Reports on Form 10-Q, and Trinity’s Current
Reports on Form 8-K.
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version on businesswire.com: https://www.businesswire.com/news/home/20190906005053/en/
Jessica Greiner Vice President, Investor Relations and
Communications Trinity Industries, Inc. (Investors) 214/631-4420
(Media Line) 214/589-8909
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