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The Greenbrier Companies Chairman and CEO Bill Furman has agreed to continue in his position for up to two more years as a result of the coronavirus pandemic, the company announced July 10.
The board of directors said in the announcement that Furman’s retirement was pushed back to September 2022. At that time, he will retire from all executive offices.
“I look forward to working with our board and key executives through this period of uncertainty to continue to build Greenbrier’s strength and industry leadership for the future,” Furman said. “I expect stronger financial performance as the impact of COVID-19 lessens and the economy improves over time, allowing the market dynamics in our industry to normalize.”
Greenbrier, based in Lake Oswego, Ore., designs, builds and markets freight railcars and marine barges in North America. It also is an international supplier of equipment and services to global freight transportation markets.
Greenbrier said in the announcement that the actions provide for effective succession and management transitions. The company added the ongoing pandemic and related economic uncertainty requires an experienced industry and management team.
Furman signed an amended agreement to continue in his role with reduced total compensation and to extend the current voluntary reduction of his base pay. He also agreed to forgo any annual performance-based bonuses through the next fiscal year in the form of cash and instead will receive company stock. — Transport Topics
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