January 28, 2022

Tomer Aiderapp

Consummate Business Technicians

GATX CEO Kenney retiring in April; EVP to succeed him

Management at railcar lessor GATX will be switching future spring.

President and CEO Brian A. Kenney is retiring, productive April 22, and Robert C. Lyons, a GATX executive vice president and president of its Rail North The united states division, will do well him, the firm announced Tuesday.

Kenney will remain on as a nonexecutive chairman with GATX’s (NYSE: GATX) board of administrators as a result of Oct. 31 to make sure a clean transition. 

Lyons potential customers GATX’s most significant small business and served as chief financial officer from 2004 to 2018. GATX’s board of administrators appointed him, and at the 2022 once-a-year shareholders meeting, the board will nominate Lyons to serve on the board.

“GATX is in a powerful situation today and Brian has presented excellent management to set the firm up for ongoing success,” reported James Ream, lead director of the board. “He has thoughtfully expanded the portfolio of assets, both organically and via strategic acquisitions, enabling GATX to persistently deliver industry-major money returns. Brian instituted a constant advancement state of mind all through the firm, placing the market conventional for protection, high quality and consumer provider. He has also championed growing alternatives for men and women of all backgrounds inside of GATX’s worldwide operations. Thanks to Brian’s management and eyesight, GATX has the best crew in the business and is recognized as the global chief in the total-service leasing of extensive-lived belongings. …

“With the powerful foundation set up by Brian, the board is highly assured that Bob is the correct leader to be GATX’s upcoming CEO,” Ream continued. “The board ran a deliberate and thoughtful succession process with the help of Spencer Stuart, a main world government lookup and management consulting firm. Bob was chosen for his strong enterprise acumen, operational skills and vision required to tutorial GATX to its next stage of progress and excellence. Bob has been intimately associated in shaping the company’s tactic and has been a substantial contributor to GATX’s good results as both equally the head of our largest small business as properly as our CFO for much more than a 10 years.”

The improve in management comes as railcar lessors, along with the broader rail business, grapple with an expected rebound in rail volumes as very well as source chain challenges. Integrating technological know-how and provide chain visibility is also a essential situation.

“It has been a privilege to provide as CEO for the previous 17 yrs and to function with the most dedicated crew in the field,” Kenney said. “I am proud of all that we have accomplished collectively, and I look ahead to collaborating with Bob and our board of directors to aid GATX realize even larger stages of results. Bob has been a shut spouse to me, and his leadership, experience and eyesight will be important in driving GATX forward as the premier worldwide, complete-service lessor.”

Reported Lyons: “Together with the GATX leadership staff and all our colleagues, I will build on the strong basis and technique that Brian established and guarantee we continue on to offer impressive, unparalleled company to our shoppers. With the dedication of our outstanding workforce, I am thrilled about the future of GATX as we grow our world corporations, work properly and deliver robust benefits for all our constituents.”

Subscribe to FreightWaves’ e-newsletters and get the hottest insights on freight correct in your inbox.

Simply click listed here for far more FreightWaves articles or blog posts by Joanna Marsh.