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Sunday, November 28, 2021

Tekorius to Succeed Furman as Greenbrier CEO

Maritime Activity Reports, Inc.

October 26, 2021

Lorie Tekorius will become Greenbrier CEO and co-founder William A. Furman will become executive chair (Photo: Greenbrier)

Lorie Tekorius will become Greenbrier CEO and co-founder William A. Furman will become executive chair (Photo: Greenbrier)

The Greenbrier Companies, Inc., supplier of equipment and services to global freight transportation markets, announced on Tuesday that its Board of Directors appointed President and Chief Operating Officer (COO), Lorie Tekorius, as the company's next CEO and President, effective March 1, 2022. On the same date, Greenbrier's co-founder, Chairman and CEO William A. Furman will assume the newly created role of Executive Chair until his retirement in September 2022. Furman 's current Board term continues until January 2024.

Furman said, "As Chairman and CEO, along with our Board, we have prioritized succession planning and talent development. Greenbrier's management model requires a high degree of cooperation and coordination among senior leadership. Adhering to this approach, the company has prospered. Lorie's dedication to Greenbrier is indisputable. I am confident that she is a leader who will take Greenbrier boldly into the future, and as CEO will drive our business forward. Lorie and I have worked together toward this goal for a long time. I know she is well prepared for all that lies ahead. I am very proud that Lorie will be our next CEO."

Tekorius joined Greenbrier in 1995 and has risen through positions of increasing leadership across the company, including strategic planning and key roles interfacing with the Commercial and Manufacturing units. Prior to her appointment as President in 2019, she served as COO, and earlier as Senior Vice President and Chief Financial Officer.

Lead Director Admiral Thomas B. Fargo (USN Retired) said, "Working closely with Bill, the Board evaluated a range of options over several years for an eventual CEO transition. It became evident that Lorie is by far the best candidate to serve as Greenbrier's next CEO. The race for talent across industries is very real. Our Board is pleased we have been able to advance to CEO an internal candidate with Lorie's range and record of service. We are confident Greenbrier will be well-served by her knowledge, experience and leadership."

Tekorius said, "It has been a privilege to devote the bulk of my career to Greenbrier, growing and learning every day. I am truly honored and humbled to follow Bill as only the second CEO in Greenbrier's history. I am confident that working collaboratively with our senior management team, we will meet the high expectations of all our stakeholders."

Furman began his career with FMC Corporation (FMC), a Fortune 500, multinational industrial company. At the age of 25, he became the first general manager of the FMC Finance division, a captive sales finance arm for FMC which he founded. Subsequently, Furman joined Trans Pacific Financial Corporation, a publicly traded financial services company located in Portland, Oregon. Until 1974, he was Corporate Vice President of Trans Pacific's Leasing Group, responsible for all phases of its operations. In late 1974, Furman and Alan James acquired the Trans Pacific National division, a capital lease asset underwriter and entered the rail car and commercial jet aircraft remarketing and asset management business. This acquisition would eventually lead to the founding of Greenbrier in its present form in 1981.

The original leasing company expanded into manufacturing with the acquisition of Gunderson in Portland, Ore. in 1985 from FMC. Furman has guided Greenbrier's growth through broad expansion of its products and service offerings. What was once two railcar production lines is now a multibillion-dollar global production operation, which includes 12 facilities on three continents, integrated with aftermarket, leasing and services businesses. The company is a critical Jones Act marine barge supplier to domestic U.S. overseas shippers. Since Greenbrier became a publicly traded company in 1994, its market capitalization has grown by more than $1.4 billion.

In the months leading to March 2022, Tekorius will continue to refine the strategic planning work she and Furman have pursued since she was named President.

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