Admiral Thomas B.
Fargo, USN (Ret.) will succeed William A. Furman as Chair
LAKE
OSWEGO, Ore., Aug. 30,
2022 /PRNewswire/ -- The Greenbrier Companies, Inc.
(NYSE: GBX) today announced the election of retired four-star
Admiral Thomas B. Fargo as
Independent Chair of its Board of Directors, effective at
Greenbrier's close of business on August
31. A board member since 2015, Fargo serves as Chair of
Greenbrier's Compensation Committee and a member of the Nominating
and Corporate Governance Committee. Fargo has served as the
Company's Lead Director since January
2021, a position Greenbrier's Board will eliminate with the
election of an independent Board Chair. Effective with the
appointment of Fargo, Greenbrier's Board policy is that members
identified as Chair must meet the standards of the SEC and NYSE for
an independent director.
Fargo will succeed William A.
Furman, Greenbrier Executive Chair since March 2022. Previously, Furman was Chairman and
CEO since 2014. Furman served Greenbrier and its predecessors as a
co-founder, CEO, President and director beginning in 1974. Furman
will continue to serve as a board member until January 2024, completing 50 years with Greenbrier
and its affiliated businesses.
Lorie Tekorius, President &
CEO said, "On behalf of Greenbrier's Board of Directors, I am
pleased to announce Admiral Fargo's election to Independent Chair.
Greenbrier, our management team and the Board are committed to
leading in corporate governance and enhancing shareholder value.
Having an independent board chair reflects best practices in
corporate governance. We carefully considered the qualifications of
all directors before electing Admiral Fargo as Chair. His broad
experience in the transportation industry and service on public
company boards is substantial and he will lead Greenbrier boldly
into the future."
Fargo joined Greenbrier's Board of Directors as a former
military commander with subsequent private sector experience in
defense, maritime and other transportation industries. As Commander
of the U.S. Pacific Command (2002-2005), he led the world's largest
unified command while directing the joint operations of the Army,
Navy, Marine Corps and Air Force in the Asia-Pacific Theater.
Fargo also serves as Board Chair at Hawaiian Electric Industries
and on the board of directors at shipping and logistics provider
Matson, Inc. He was previously Board Chair at USAA, a $37 billion-dollar financial services company
supporting the U.S. military and their families and Huntington
Ingalls Industries, the nation's largest shipbuilder. He has also
served on the boards of Northrop Grumman Corporation, Alexander
& Baldwin, Inc. and Hawaiian Airlines.
"Greenbrier is fortunate to have an experienced and accomplished
Board of Directors. In addition to Tom's experience on our Board,
he is also well-versed in governance practices that will influence
important business dynamics in the years ahead. I can't think of
anyone better suited to take on the Chair position. Tom has also
led Greenbrier's Compensation Committee and served on the
Nominating and Governance Committee. In recent years, these
committees have helped further our environmental, social and
governance work, oversee our IDEAL framework and manage our
executive compensation to align with industry standards. I look
forward to Tom's expanded contributions as Board Chair and to
seeing continued growth and development of our committees under his
leadership," said William A. Furman,
outgoing Executive Chair.
About Greenbrier
Greenbrier, headquartered in Lake
Oswego, Oregon, is a leading international supplier of
equipment and services to global freight transportation markets.
Through its wholly-owned subsidiaries and joint ventures,
Greenbrier designs, builds and markets freight railcars and marine
barges in North America,
Europe and Brazil. We are a leading provider of freight
railcar wheel services, parts, maintenance and retrofitting
services in North America through
our rail services business unit. Greenbrier manages 421,000
railcars and offers railcar management, regulatory compliance
services and leasing services to railroads and other railcars
owners in North America. GBX
Leasing (GBXL) is a special purpose subsidiary that owns and
manages a portfolio of leased railcars that originate primarily
from Greenbrier's manufacturing operations. GBXL and Greenbrier own
a lease fleet of 11,800 railcars. Learn more about Greenbrier at
www.gbrx.com.
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995: This press release may contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Greenbrier uses words such as "committed",
"future", "reflects", "forward", "will" and similar expressions to
identify forward-looking statements. These forward-looking
statements are not guarantees of future performance and are subject
to certain risks and uncertainties that could cause actual results
to differ materially from the results contemplated by the
forward-looking statements. Factors that might cause such a
difference include, but are not limited to, the following: negative
impacts on our business from COVID-19, variants thereof,
governmental reaction thereto, and related economic disruptions
(including, among other factors, supply disruptions, inflation, and
increases in interest rates); our ability to attract, retain and
motivate senior management and other key employees. More
information on potential factors that could cause our results to
differ from our forward-looking statements is included in the
Company's filings with the SEC, including in the "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" sections of the Company's most recently
filed periodic report on Form 10-K and subsequent reports on 10-Q.
Except as otherwise required by law, the Company assumes no
obligation to update any forward-looking statements or information,
which speak as of their respective dates. Readers are cautioned not
to place undue reliance on these forward-looking statements, which
reflect management's opinions only as of the date hereof.
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SOURCE The Greenbrier Companies, Inc.