McGrath RentCorp Founder & Chairman Emeritus Robert P. McGrath to Retire From Board, Elizabeth (Liz) Fetter Elected to Board
26 Februar 2014 - 11:25PM
McGrath RentCorp (Nasdaq:MGRC) (the "Company"), a diversified
business to business rental company, today announced that Robert P.
McGrath the Company's founder and Chairman Emeritus will retire
from its Board of Directors at the Company's 2014 Annual Meeting of
Shareholders.
Mr. McGrath started the Company in 1979 and served as its
Chairman & Chief Executive Officer until April, 2003 when he
stepped down as CEO. He continued to serve as Chairman of the Board
of Directors until June, 2009 when he transitioned to his current
board member role as Chairman Emeritus. During his tenure as CEO,
McGrath built one of the most successful publicly traded rental
businesses on Wall Street. Under Mr. McGrath's leadership as CEO,
the Company was recognized five times as one of the "Top 200 Best
Small Public Companies" by Forbes Magazine. Further, Mr. McGrath
was responsible for having initiated an increasing annual dividend
to shareholders beginning in 1992 that has now stretched to 22
consecutive years.
"Bob has been a remarkable business and equity value builder,"
said Ron Zech, Chairman of the Board of McGrath RentCorp. "His deep
understanding of rental businesses, passion for serving customers'
needs, and operational efficiencies acumen have been at the core of
McGrath RentCorp's financial success. Bob was also very focused on
management succession planning and building a quality team of
high-integrity and deeply committed leaders to the Company. Today,
that management team is led by Dennis Kakures, the current CEO, a
31 year Company veteran, who continues to build this culture. The
Board and I are grateful for Bob's leadership over the years."
The Company also today announced Elizabeth (Liz) Fetter has been
elected to the Company's Board of Directors. The election brings
the Board membership currently to eight directors. Ms. Fetter will
also serve on the Board's Audit and Compensation Committees.
"We are very pleased to welcome Liz to our Board," said Ron
Zech. "Liz's 15 years of public and private company board service
and past CEO experience at multiple firms will be a valuable
complement to McGrath RentCorp's Board."
Ms. Fetter most recently served as a member of the Board of
Directors of Symmetricom, Inc. (Nasdaq:SYMM), a provider of timing
and synchronization technologies, instruments and solutions, and
Quantum Corporation, a data protection and data management software
company. She has also served as CEO at five different companies
including Symmetricom, Inc., QRS Corporation, a retail supply chain
management / SaaS software company and NorthPoint Communications, a
data transmission services provider.
Ms. Fetter holds a Bachelor of Arts in Communications from Penn
State University, Master of Science in Industrial Administration
from Carnegie Mellon University (Tepper & Heinz Schools), and
holds an advanced Director Certification.
ABOUT MCGRATH RENTCORP
Founded in 1979, McGrath RentCorp is a diversified
business-to-business rental company. The Company's Mobile Modular
division rents and sells modular buildings to fulfill customers'
temporary and permanent classroom and office space needs in
California, Texas, Florida, and the Mid-Atlantic from Washington
D.C. to Georgia. The Company's TRS-RenTelco division rents and
sells electronic test equipment and is one of the leading rental
providers of general purpose and communications test equipment in
the Americas. The Company's New Jersey based Adler Tank Rentals
subsidiary rents and sells containment solutions for hazardous and
nonhazardous liquids and solids with operations today serving key
markets throughout the United States. In 2008, the Company entered
the portable storage container rental business in California under
the trade name Mobile Modular Portable Storage, and has since
expanded this business into Texas, Florida and New Jersey. For more
information on McGrath RentCorp and its operating units, please
visit our websites:
Corporate – www.mgrc.com
Tanks and Boxes – www.AdlerTankRentals.com
Modular Buildings – www.MobileModularRents.com
Portable Storage –
www.MobileModularRents-PortableStorage.com
Electronic Test Equipment – www.TRS-RenTelco.com
School Facilities Manufacturing – www.Enviroplex.com
CONTACT: FOR INFORMATION CONTACT:
Dennis Kakures
Chief Executive Officer
925 606 9200
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