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Triton International Appoints Michael Pearl as Chief Financial Officer
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
management
Rhea-AI Summary
Triton International Limited (NYSE: TRTN) announced the appointment of Michael Pearl as Chief Financial Officer, effective January 1, 2023. Mr. Pearl, who has been with Triton since 2009 and served as Senior Vice President and Treasurer, will succeed John Burns, who is retiring after over 25 years. Pearl's background includes significant contributions to Triton’s capital structure and financial management. The transition is aimed at ensuring continued growth and value creation for shareholders.
Positive
Michael Pearl's appointment may bring fresh leadership and continuity within the financial team.
Pearl's experience in capital management could lead to further improvements in borrowing costs.
Negative
Concerns about continuity and the potential impact of management change on performance.
HAMILTON, Bermuda--(BUSINESS WIRE)--
Friday, November 18, 2022 – Triton International Limited (NYSE: TRTN) today announced that Michael Pearl has been appointed Triton’s Chief Financial Officer, effective January 1, 2023. Mr. Pearl currently serves as Triton’s Senior Vice President, Treasurer. He will succeed John Burns, who as previously announced, will retire at the end of 2022 after more than 25 years with Triton. Mr. Burns will remain with Triton in a consulting role following his retirement to ensure a smooth transition.
Mr. Pearl joined Triton in 2009 and has led the company’s Treasury function since 2016. He played an integral role in helping to drive the successful Triton-TAL merger integration and has also been responsible for other significant areas within the finance organization, including credit and risk management, business development and financial planning and analysis. Before Triton, Mr. Pearl worked for a number of companies in the financial sector, including National City Bank, Wachovia Bank, and S&P Global. Mr. Pearl received an M.B.A. from the University of Michigan and a B.A. from Colby College.
Brian Sondey, Chief Executive Officer of Triton commented “Michael has been a significant contributor to the success of our company. He was instrumental in transforming and strengthening our capital structure over the last few years and driving significant improvements in our borrowing costs. Michael’s appointment reflects the deep bench of talent we have developed at Triton, and he will have an exceptional team supporting him in his new role. We look forward to benefitting from Michael’s experience and capabilities as we continue to build on our strong financial position and create value for our shareholders.”
Mr. Sondey added, “I also want to again thank John for his many contributions to Triton as an exceptional and valued leader, colleague and friend. We are truly grateful for his service and wish him all the best in his well-deserved retirement.”
About Triton International Limited
Triton International Limited is the world’s largest lessor of intermodal freight containers. With a container fleet of over 7 million twenty-foot equivalent units ("TEU"), Triton’s global operations include acquisition, leasing, re-leasing and subsequent sale of multiple types of intermodal containers and chassis.
Important Cautionary Information Regarding Forward-Looking Statements
Certain statements in this release, other than purely historical information, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, among others, statements relating to Triton’s business, future performance and the management transition discussed in this release. Statements that include the words "expect," "intend," "plan," "seek," "believe," "project," "predict," "anticipate," "potential," "will," "may," "would" and similar statements of a future or forward-looking nature may be used to identify forward-looking statements. All forward-looking statements address matters that involve risks and uncertainties, many of which are beyond Triton's control. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements. These factors include, without limitation, economic, business, competitive, market and regulatory conditions; risks related to management transitions; and other risks and uncertainties, including those set forth in the section entitled “Risk Factors” in our most recent annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) and subsequent filings with the SEC. Except to the extent required by applicable law, we undertake no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
