Textainer Group Holdings Limited Welcomes New Members of the Board of Directors

Rhea-AI Summary

Textainer Group Holdings Limited (NYSE: TGH) announced the election of two new Class II directors, James Earl and Cynthia Hostetler, at the May 26, 2021, Annual Meeting of Shareholders. Olivier Ghesquiere was re-elected. The shareholders also approved the 2020 audited financial statements and appointed KPMG as auditor for 2021. Earl brings extensive experience from GATX Corporation, while Hostetler has a solid background with various investment firms. The meeting also marked the retirement of Hennie Van der Merwe from the Board, after multiple terms since 2003.

Positive

• James Earl and Cynthia Hostetler bring significant industry experience to the board.
• The company maintains its commitment to strong governance with the appointment of new directors.

Negative

• Retirement of Hennie Van der Merwe may create a gap in experienced leadership.

HAMILTON, Bermuda, June 1, 2021 /PRNewswire/ -- Textainer Group Holdings Limited (NYSE: TGH / JSE: TXT) ("Textainer", "the Company", "we" and "our") announced that two new members of its Board of Directors were elected at the May 26, 2021 Annual Meeting of Shareholders.  James Earl and Cynthia Hostetler were elected as new Class II directors and Olivier Ghesquiere was re-elected as a Class II director at the Annual Meeting.   The Company's shareholders also approved the 2020 audited financial statements and the appointment of KPMG as the Company's auditor for 2021. 

Mr. Earl was an executive with NYSE-listed GATX Corporation from 1988 to 2018, ultimately serving as Executive Vice President, President of its Rail International division and CEO of GATX's American Steamship Company.   Mr. Earl also serves on the Board of Directors of NYSE-listed Harsco Corporation.  Mr. Earl has a B.S. from Washington University in St. Louis and an M.B.A. from the Wharton School at the University of Pennsylvania.

Ms. Hostetler serves as a Trustee of Invesco Ltd. and is a member of the boards of TriLinc Global Fund, an impact investment company, NYSE-listed Vulcan Materials Company and NYSE-listed Resideo Technologies, Inc.  Ms. Hostetler also has served on the board of the Investment Company Institute since 2018.  From 2001 to 2009, Ms. Hostetler served as Head of Investment Funds and Private Equity at the Overseas Private Investment Corporation (OPIC).  Ms. Hostetler has a J.D. from the University of Virginia and a B.A. from Southern Methodist University.

At the Annual Meeting, Hennie Van der Merwe, the Chief Executive Officer of Trencor Limited, retired from the Board of Directors.  Mr. Van der Merwe previously served on the Company's Board of Directors between 2003 and 2011 and rejoined the Board of Directors in August 2017.  

"We are very pleased to welcome Jim and Cynthia to the Textainer Board," said Hyman Shwiel, Chairman of the Board of Textainer.  "Their impressive careers and deep experience as board members of other prominent public companies will make them strong additions to Textainer as our Company grows and we welcome their valuable insights and perspectives."   Mr. Shwiel continued, "The Board of Directors is grateful for Hennie Van der Merwe's many years of dedicated service on the Company's Board and we wish him well in retirement."

About Textainer Group Holdings Limited

Textainer has operated since 1979 and is one of the world's largest lessors of intermodal containers with approximately 3.8 million TEU in our owned and managed fleet. We lease containers to approximately 250 customers, including all of the world's leading international shipping lines, and other lessees. Our fleet consists of standard dry freight, refrigerated intermodal containers, and dry freight specials. We also lease tank containers through our relationship with Trifleet Leasing and are a supplier of containers to the U.S. Military. Textainer is one of the largest and most reliable suppliers of new and used containers. In addition to selling older containers from our fleet, we buy older containers from our shipping line customers for trading and resale. We sold an average of approximately 150,000 containers per year for the last five years to more than 1,500 customers making us one of the largest sellers of used containers. Textainer operates via a network of 14 offices and approximately 400 independent depots worldwide. Textainer has a primary listing on the New York Stock Exchange (NYSE: TGH) and a secondary listing on the Johannesburg Stock Exchange (JSE: TXT). Visit www.textainer.com for additional information about Textainer.

Contact Information
Investor Relations
+1 415-658-8333
ir@textainer.com

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SOURCE Textainer Group Holdings Limited

FAQ

Who are the newly elected members of the Board of Directors of TGH?

James Earl and Cynthia Hostetler were elected as new Class II directors.

What was approved at the Annual Meeting of TGH shareholders?

Shareholders approved the 2020 audited financial statements and the appointment of KPMG as auditor for 2021.

What does the retirement of Hennie Van der Merwe mean for TGH?

His retirement could create a gap in experienced leadership within the Board.

What experience do the new board members of TGH have?

James Earl has extensive experience from GATX Corporation, and Cynthia Hostetler has served on boards of multiple public companies.