CAI International, Inc. Announces Appointment of New CEO and CFO
SAN FRANCISCO--(BUSINESS WIRE)--
CAI International, Inc. ("CAI" or "Company") (NYSE: CAP), one of the
world's leading lessors of intermodal freight containers, today
announced the following organizational changes:
Mr. Masaaki (John) Nishibori, CAI's President and Chief Executive
Officer, has announced his retirement effective at the annual
stockholders meeting on June 3, 2011. Mr. Nishibori will remain a
director of the Company. Upon Mr. Nishibori's retirement, the
Company's new President and Chief Executive Officer will be Mr. Victor
Garcia. Mr. Garcia has been with CAI since November 2006, when he
joined the Company as its Senior Vice President and Chief Financial
Officer. Mr. Garcia held that position until his appointment to Senior
Vice President and Chief Operating Officer in September, 2010. From
July 1990 to October 31, 2006, he was employed by Banc of America
Securities, the investment banking subsidiary of Bank of America,
where he was a Managing Director and senior banker in the
Transportation Group within the Global Corporate and Investment Bank.
Mr. Garcia's current position as Senior Vice President and Chief
Operating Officer will not be filled.
Mr. Garcia will be
nominated in CAI's 2011 proxy statement to CAI's Board of Directors
for approval at the annual stockholders meeting on June 3, 2011.
Mr. Timothy Page will join CAI as its Senior Vice President and Chief
Financial Officer effective in the middle of May. Mr. Page has over 30
years of experience as a senior executive in various companies, and
has held the position of Chief Financial Officer for both public and
private companies for the past 10 years. Since 2008 Mr. Page has been
the Chief Financial Officer of Port Logistics Group, a privately held
logistics company. From 2004 to 2008 Mr. Page was the Chief Financial
Officer of Quality Distribution, Inc, a Nasdaq-listed transportation
Mr. Gary Sawka will resign from his position as Interim Chief
Financial Officer effective upon Mr. Page's effective employment date
and will be nominated in CAI's 2011 proxy statement to CAI's Board of
Directors for approval at the annual stockholders meeting on June 3,
Hiromitsu Ogawa, Chairman of the Board of CAI, commented, "I want to
thank Masaaki (John) Nishibori for his 18 years of service to our
Company and for his leadership as our President and Chief Executive
Officer since September, 2006. John has been my business partner since
1993 and he has used his years of experience to effectively manage the
Company during periods of growth and one of the most difficult
recessions that our industry has experienced. I am pleased that John
will remain on our Board of Directors where CAI will benefit from his
invaluable experience and business judgment."
He continued, "I am also pleased that Victor Garcia will lead our
Company as the next President and CEO. Victor has over 20 years of
experience with the container leasing industry and has built strong
relationships with our container investors, the financial community and
customers. During his time with CAI, Victor has been closely involved in
all aspects of the container leasing business and his contribution to
CAI has been instrumental to the Company's record profitability and
success during the past financial quarters. Most importantly, CAI's
Board of Directors and employees have confidence in Victor's leadership."
Mr. Garcia commented, "I want to thank Masaaki (John) Nishibori,
Hiromitsu Ogawa and the Board of Directors for their support and
confidence by appointing me the President and CEO of CAI. CAI has a
great franchise and reputation in the marketplace. The business outlook
for our Company is very strong and my focus will be to build upon the
solid foundation that John has set for the Company through his
Mr. Ogawa commented further, "With the addition of Tim Page, we have
been able to strengthen our management team. Tim has significant
experience as a Chief Financial Officer at various companies. He has
been the CFO of transportation and logistics companies for the past 6
years. That experience will be of significant value to our Company.
Lastly, I would like to thank Gary Sawka for his support and commitment
to the Company as the Interim Chief Financial Officer for the past 7
months. I look forward to having Gary back on our Board later this year."
About CAI International, Inc.
CAI is one of the world's leading managers and lessors of intermodal
freight containers. As of March 31, 2011, the company operated a
worldwide fleet of approximately 863,000 TEUs of containers through 12
offices located in 10 countries including the United States.
Cautionary note on forward-looking statements
This press release contains forward-looking statements regarding the
future leadership, performance and other events of CAI International,
Inc. Words such as "will be," "will join," "will lead," "able to," "look
forward to," and similar expressions generally identify these
forward-looking statements. These statements are forward looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 and the safe harbor provisions of Section 21E of the
Securities Exchange Act of 1934 and involve risks and uncertainties that
could cause actual results of operations and other performance measures
to differ materially from current expectations including, but not
limited to, utilization rates, expected economic conditions,
availability of credit on commercially favorable terms or at all,
customer demand, container investment levels, container prices, lease
rates, increased competition, volatility in exchange rates, and others.
CAI refers you to the documents that it has filed with the Securities
and Exchange Commission, including its annual report on Form 10-K for
the year ended December 31, 2010 and its reports on Form 8-K. These
documents contain additional important factors that could cause actual
results to differ from current expectations and from forward-looking
statements contained in this press release. Furthermore, CAI is under no
obligation to (and expressly disclaims any such obligation to) update or
alter any of the forward-looking statements contained in this press
release whether as a result of new information, future events or
otherwise, unless required by law.
CAI International, Inc.
Gary Sawka, 415-788-0100
Source: CAI International, Inc.
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