- After 14 years on the job
- Laud, praise, thanks and good wishes for Kakures
- Search for a successor
(management-change.com) — Livermore, California, February 17, 2017 — Dennis Kakures, chief executive of McGrath RentCorp, leaves. It is an abrupt change. As announced by McGrath RentCorp in a news release and in a regulatory filing published on Friday, February 17, 2017, Dennis C. Kakures leaves the post as Chief Executive Officer at the business-to-business rental company after 14 years on the job, effective immediately.
It is the end of an era.
McGrath RentCorp will undertake a search for a successor.
McGrath RentCorp said: “Dennis C. Kakures, the President and Chief Executive Officer of McGrath RentCorp … announced his early retirement from the Company, effective February 17, 2017.”
Effective as of the same date, Kakures resigned from the board of directors of the Company.
Precise information about the future plans of Kakures was not immediately available.
Share price rise since April 2016
The change follows a rise in the share price of McGrath RentCorp since April 2016.
Chaired by Ronald Zech
McGrath RentCorp is chaired by Ronald Zech.
Ronald H. Zech was elected a director of the Company in 1989 and elected to the position of non-executive Chairman of the Board of Directors in June 2009.
On the job as CEO since 2003
Dennis C. Kakures was elected a director of the Company in 2003 and became the Chief Executive Officer of the Company in 2003.
Kakures has been the President of the Company since 1995.
Prior to becoming Chief Executive Officer, he served as Chief Operating Officer from 1989 to 2003 and Executive Vice President from 1993 to 1995.
Kakures started his career with McGrath RentCorp in sales in 1982 and has held roles of increasing managerial responsibility over his 32 years with the Company.
Kakures has been instrumental in developing and driving the strategic product and geographic expansion of the Company’s varied rental businesses since he became Chief Executive Officer in 2003.
Kakures received a B.S. in Marketing from California State University at Hayward.
Kakures will assist the Company in the transition as a consultant.
Kakures has been on a leave of absence.
As announced by McGrath RentCorp in a news release on Wednesday, October 05, 2016, Dennis C. Kakures left the post as Chief Executive Officer at the rental company after 13 years on the job, effective immediately.
On October 05, 2016, McGrath had said: Kakures “will be on medical leave of absence due to a stroke, effective immediately”.
On October 05, 2016, McGrath had added: “At the present time, it is too soon to know the course and timing of Mr. Kakures’ recovery. In respect of Mr. Kakures’ privacy, no additional details or updates will be provided at this time.”
Read the full story in the management-change.com report 09.2017 ($).