Trinity Industries, Inc. (TRN) (“Trinity” or the “Company”) today announced that Eric R. Marchetto, currently Executive Vice President and Chief Commercial Officer of TrinityRail, has been named Senior Vice President of Trinity and Group President of TrinityRail. The Company also announced the separation of the roles of Chairman of the Board of Directors and Chief Executive Officer. Leldon E. Echols, currently presiding director, has been named non-executive Chairman of the Board of Directors. Timothy R. Wallace will remain as the Company’s Chief Executive Officer, President, and a member of the Board of Directors.
As Group President of TrinityRail, Mr. Marchetto will have oversight and responsibility for the Company’s railcar leasing and railcar products segments. Mr. Marchetto has been a key contributor towards the development, growth, and evolution of the railcar leasing, manufacturing, and services businesses into Trinity’s integrated rail platform. In addition to his current role as Chief Commercial Officer, he has served in a number of capacities during his 23 year career with Trinity, including TrinityRail’s Chief Financial Officer, Senior Vice President of Capital Markets, and Executive Vice President of Leasing. Mr. Marchetto began his career with Ernst and Young in their audit practice. Mr. Marchetto graduated from Southern Methodist University in 1992 with Bachelor degrees in Accounting and Economics.
“Eric is a highly respected, talented individual and leader who has strengthened our relationships with current and potential customers leveraging the integrated rail platform of products and services,” said Mr. Wallace. “Eric’s background and experience within Trinity is highly valuable to the leadership team as we look to enhance our returns for shareholders and build upon the integrated rail platform.”
On the recommendation of Mr. Wallace, Trinity’s Board of Directors separated the roles of Chairman and Chief Executive Officer. In his role as Chairman, Mr. Echols will provide independent oversight and direction, and preside at meetings of the Board of Directors. Mr. Echols has served as an independent member of Trinity’s Board of Directors since 2007 and as presiding director since 2013.
“Lel has done an excellent job serving as presiding director,” Mr. Wallace said. “I respect his judgment, his communication skills, and his ability to provide board level leadership. The timing is right for the separation of roles. It will allow me to concentrate my focus on the company’s business strategies, operations, and other corporate activities at this critical time in Trinity’s evolution. It will also benefit the long-term interests of our stakeholders and strengthen our corporate governance structure. I have great confidence that Lel will be an extremely effective chairman, and I look forward to working with him for many years to come.”
About Trinity Industries
Trinity Industries, Inc., headquartered in Dallas, Texas, owns businesses that are leading providers of rail transportation products and services in North America. Our rail-related businesses market their railcar products and services under the trade name TrinityRail®. The TrinityRail integrated business platform provides railcar manufacturing, maintenance and modifications, as well as railcar leasing and management services. Trinity also owns businesses engaged in the manufacture of products used on the nation’s roadways and in traffic control, as well as logistical and transportation businesses that provide support services to a variety of industrial manufacturers. Trinity reports its financial results in three principal business segments: the Rail Group, the Railcar Leasing and Management Services Group, and the All Other Group. For more information, visit: www.trin.net.