Textainer CEO Phil Brewer leaves abruptly

  • Push-out Score suggests push-out forces
  • After almost seven years in the position
  • Praise, thanks and good wishes for Brewer
  • Olivier Ghesquiere taking over
  • Brewer spoke at length and said 116 words

(exechange) — Hamilton, Bermuda, August 13, 2018 — Phil Brewer, chief executive of Textainer, leaves. It is an abrupt change. As announced by Textainer Group Holdings Limited in a news release on Monday, August 13, 2018, Philip K. (Phil) Brewer leaves his post as Chief Executive Officer at the lessor of intermodal containers after almost seven years in the role, effective immediately.

Brewer’s duties will be taken over by Olivier Ghesquiere, most recently Executive Vice President – Leasing of Textainer Group Holdings Limited.

“Succession planning process”

Brewer’s sudden departure from the CEO post is explained as follows. Textainer said: “As part of the succession planning process, the Board of Directors of TGH is pleased to announce that it has appointed Olivier Ghesquiere, currently Executive Vice President – Leasing, to be the President and CEO of TGH effective Monday, August 13, 2018.”

Precise information about Brewer’s future plans was not immediately available.

Alarm signal

Generally speaking, it is often an alarm signal for stockholders when a CEO leaves the post abruptly and without an understandable explanation.

“Retired”

Textainer said: “[A]fter 22 years of dedicated service to Textainer, Philip K. Brewer, the Company’s President and Chief Executive Officer, has retired.”

Share price decline

The change follows a decline in the share price of Textainer Group Holdings Limited since January 2018.

Chaired by Hyman Shwiel

Textainer Group Holdings Limited is chaired by Hyman Shwiel.

Shwiel has been the Chairman of the Board of Textainer Group Holdings Limited since May 19, 2016 and as its Director since September 2007.

In the position of CEO since 2011

Philip K. Brewer has been Chief Executive Officer and President of Textainer Group Holdings Limited since October 4, 2011.

Brewer served as the Company’s Executive Vice President since January 2006, responsible for managing the Company’s capital structure and identifying new sources of finance for the Company, as well as overseeing the management and coordinating the activities of the Company’s risk management and resale divisions.

Brewer was Senior Vice President of the Company’s Asset Management Group from 1999 to 2005 and Senior Vice President of the Company’s Capital Markets Group from 1996 to 1998.

Prior to joining the Company in 1996, Brewer worked at Bankers Trust starting in 1990 as a Vice President and ending as a Managing Director and President of its Indonesian subsidiary.

From 1989 to 1990, he was Vice President in Corporate Finance at Jardine Fleming.

From 1987 to 1989, he was Capital Markets Advisor to the United States Agency for International Development in Indonesia.

From 1984 to 1987, he was an associate with Drexel Burnham Lambert, an investment banking firm.

Brewer holds a B.A. in Economics and Political Science from Colgate University and a M.B.A. in Finance from Columbia University.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Phil Brewer’s sudden move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.

Read the full story in the exechange report 34.2018 ($).