- Push-out Score determined
- After nine years in the position
- Praise, thanks and good wishes for Garcia
- Tim Page taking over in the interim
- Search for a successor
(exechange) — San Francisco, California, June 15, 2020 — Victor Garcia, chief executive of CAI, leaves. As announced by CAI International Inc. in a news release and in a regulatory filing published on Monday, June 15, 2020, Victor M. Garcia has left his post as chief executive officer at the transportation finance company after nine years in the role, effective June 12, 2020.
CAI will undertake a search for a successor.
Victor Garcia’s duties as CEO will be taken over in the interim by Timothy B. (Tim) Page, most recently Chief Financial Officer of CAI International Inc., as Interim Chief Executive Officer.
No reason given
In the announcement, CAI did not explicitly explain the reason for Victor Garcia’s move.
Precise information regarding Victor Garcia’s future plans was not immediately available.
CAI said: “On June 12, 2020, Timothy Page, the Company’s Chief Financial Officer, was appointed Executive Vice President and Interim President and Chief Executive Officer to succeed Victor Garcia. On June 14, 2020, Mr. Garcia submitted his resignation as a member of the Company’s Board, and Mr. Page was subsequently appointed by the Board to fill the vacated seat until the next annual meeting, at which time the Board has recommended to the shareholders that Mr. Page be elected to the Board.”
CAI further said: “On June 12, 2020, in connection with the announcement of the termination of its formal strategic alternatives review process, the Board decided to terminate Victor M. Garcia as President and Chief Executive Officer of the Company, effective immediately. On June 14, 2020, Mr. Garcia resigned from the Board.”
Share price decline
The announcement follows a decline in CAI International Inc.’s share price of 5% since June 2017.
Chaired by David Remington
CAI International Inc. is chaired by David Remington.
In the position of CEO since 2011
Victor Garcia became CEO of the Company in 2011.
Garcia has served as the Company’s President and Chief Executive Officer since June 2011.
From September 2010 to June 2011, he also served as the Company’s Senior Vice President and Chief Operating Officer.
In addition, Garcia previously served as the Company’s Senior Vice President and Chief Financial Officer from November 2006 through September 2010.
From July 1990 to October 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 group.
Garcia holds a B.S. from Babson College.
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 CAI and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 25.2020 ($).