Greenbrier Announces Board of Directors Election Results

Rhea-AI Summary

On January 10, 2022, The Greenbrier Companies (NYSE:GBX) announced the re-election of Admiral Thomas B. Fargo, Ambassador Antonio O. Garza, and James R. Huffines to its Board of Directors, expanding the board to 10 members. Admiral Fargo has been on the board since 2015 and is the Lead Director, while Garza and Huffines have been serving since July 2021, contributing expertise in the rail industry and finance. Two long-term directors, Duane McDougall and Don Washburn, retired, marking a significant change in leadership. Their tenure saw Greenbrier grow into a major player in the freight railcar market.

Positive

• Re-election of experienced directors strengthens board leadership.
• Admiral Fargo's operational expertise and leadership as Lead Director benefit the company.
• New perspectives from re-elected members could enhance strategic direction.

Negative

• Retirement of long-term directors may create a gap in continuity and experience.

LAKE OSWEGO, Ore., Jan. 10, 2022 /PRNewswire/ -- The Greenbrier Companies, Inc. (NYSE:GBX) announced today the re-election of Admiral Thomas B. Fargo, Ambassador Antonio O. Garza and James R. Huffines to its Board of Directors, bringing Greenbrier's total number of directors to 10.

Admiral Fargo has served on the Greenbrier board since 2015 and as Lead Director since January 2021. He is also the Chair of Greenbrier's Compensation Committee. Admiral Fargo provides significant executive leadership, operational and manufacturing expertise to the Board.

Ambassador Garza has served as a Board Member since July 2021. He served as the U.S. Ambassador to Mexico from 2002 to 2009 and provides expertise in the North American rail industry as a Board member of Kansas City Southern.

Mr. Huffines has served as a Board Member since July 2021 and has more than 35 years of experience in the banking and finance sectors. He also brings public company and governmental expertise to the Board.

"Tom, Antonio and James each bring unique experience from a range of sectors to our Board," said William A. Furman, Greenbrier Chairman and CEO. "Their combined knowledge executing critical business and organizational functions continues to benefit Greenbrier. I am extremely pleased to have these three Directors as Board colleagues during the coming years."

In addition, two of Greenbrier's long-term Directors, Duane McDougall and Don Washburn, retired from the Board, effective with the end of their terms in January 2022. Mr. McDougall joined the Board in 2003 and served as Lead Director from 2014 to 2021. Mr. Washburn joined in 2004, bringing executive management and operational expertise to the Board. Over their tenures, Greenbrier has grown from a small new railcar builder with under $750 million of annual revenue to one of the largest global freight railcar builders with multi-billion-dollar annual revenues.

"Over nearly two decades, Duane and Don's leadership and collaboration has transformed Greenbrier into an international leader in the rail equipment sector," said Furman. "We have all benefitted from their proven track record of strategic thinking and focus on execution. On behalf of the Board and Greenbrier's management, I thank both Don and Duane for their innumerable contributions to Greenbrier."

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 443,000 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 12,900 railcars. Learn more about Greenbrier at www.gbrx.com.

View original content:https://www.prnewswire.com/news-releases/greenbrier-announces-board-of-directors-election-results-301456643.html

SOURCE The Greenbrier Companies, Inc.

FAQ

What changes occurred in Greenbrier's Board of Directors on January 10, 2022?

Three directors, Admiral Thomas B. Fargo, Ambassador Antonio O. Garza, and James R. Huffines, were re-elected, while two long-term directors, Duane McDougall and Don Washburn, retired.

What impact does the board re-election have on Greenbrier's future?

The re-election could bring strengthened leadership and new strategic perspectives to Greenbrier, aiding in its ongoing growth in the railcar market.

Who are the newly re-elected directors at Greenbrier?

The re-elected directors are Admiral Thomas B. Fargo, Ambassador Antonio O. Garza, and James R. Huffines, all bringing diverse expertise.

Why did Duane McDougall and Don Washburn retire from Greenbrier's Board?

Their retirement marks the end of their terms in January 2022, after contributing significantly to the company's growth over nearly two decades.

What is the significance of Admiral Fargo's role on Greenbrier's Board?

Admiral Fargo has been the Lead Director since January 2021 and brings substantial operational and manufacturing expertise to the board.