- Push-out Score determined
- After almost 21 years in the position
- Praise and thanks for Wallace
- Search for a successor
- Wallace said 85 words
(exechange) — Dallas, Texas, September 6, 2019 — Tim Wallace, chief executive of Trinity, leaves. As announced by Trinity Industries Inc. in a news release and in a regulatory filing published on Friday, September 6, 2019, Timothy R. (Tim) Wallace leaves his post as Chief Executive Officer at the railcar lessor and manufacturer after almost 21 years in the role.
It is the end of an era.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who announced their departure over the past 12 months was 7.3 years, according to data compiled by exechange. On an accumulated basis, around 3% of the CEOs who announced their departure over the past 12 months left their posts after more than 20 years.
Wallace has agreed to continue in his current roles for as long as necessary to facilitate a smooth transition.
Trinity will undertake a search for a successor.
“An opportune time for me to step back”
Tim Wallace’s departure from the CEO post is explained as follows. Wallace said: “With a strong foundation and team in place, I believe this is an opportune time for me to step back and let a new leader guide Trinity into the future.”
Precise information regarding Tim Wallace’s future plans was not immediately available.
Trinity said: “Timothy R. Wallace has notified the Company’s Board of Directors of his decision to retire as Chief Executive Officer and President.”
Trinity further said: “On September 5, 2019, Timothy R. Wallace, President and Chief Executive Officer of Trinity Industries, Inc. (“Trinity” or the “Company”), notified Trinity of his intention to retire from employment with the Company.”
Share price decline
The announcement follows a decline in Trinity Industries, Inc.’s share price of 30% since September 2018.
Chaired by Leldon Echols
Trinity Industries, Inc. is chaired by Leldon Echols.
In the position of CEO since 1999
Tim Wallace became CEO of the Company in January 1999.
Wallace has been Chief Executive Officer and President of the Company since 1999.
In addition, he served as Chairman of the Board from 1999 to March 2019.
Wallace joined the Company in 1975.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Trinity and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 36.2019 ($).