LIVERMORE, Calif., Feb. 27, 2017 (GLOBE NEWSWIRE) -- McGrath RentCorp (NASDAQ:MGRC), a diversified business-to-business rental company, today announced the appointment of Joseph F. Hanna as the President and Chief Executive Officer of the Company, effective February 23, 2017. Concurrently, Mr. Hanna was appointed to the board of directors of the Company. In connection with Mr. Hanna’s appointment, the Office of the Chief Executive Officer was dissolved.
Furthermore, Keith E. Pratt, Chief Financial Officer of the Company, was elevated to Executive Vice President of the Company in addition to his continuing role as Chief Financial Officer, effective February 23, 2017.
“The Board and I are excited to work with Joe to continue to build a strong and vibrant McGrath RentCorp well into the future. He brings a wealth of experience and expertise to the job that would be hard to match. It is a testimony to the leadership of Dennis C. Kakures, recently retired as President and Chief Executive Officer, that our management bench has such depth that this transition to new leadership is seamless. The continuity that Joe brings to the transition will preserve the McGrath RentCorp culture that has so contributed to our reputation in the marketplace and with shareholders," stated Ronald H. Zech, Chairman of the Board of Directors. Mr. Zech further added, “Keith has played a steadily increasing leadership role in the Company in addition to outstanding performance in his current position and will be a critical partner to Joe in enhancing the long term strategies for the Company.”
Mr. Hanna has over 14 years of service with the Company, having joined in 2003 as Vice President of Operations, then Senior Vice President of Operations starting in January 2005. He was appointed Chief Operating Officer in June 2007 and has worked closely with Mr. Kakures on day to day operations and has integral knowledge of the business and the people. Mr. Hanna was an officer in the United States Army. He received a B.S. in Electrical Engineering from the United States Military Academy, West Point, New York.
ABOUT MCGRATH RENTCORP
Founded in 1979, McGrath RentCorp is a diversified business-to-business rental company. The Company’s Mobile Modular division rents and sells modular buildings to fulfill customers’ temporary and permanent classroom and office space needs in California, Texas, Florida, and the Mid-Atlantic from Washington D.C. to Georgia. The Company’s TRS-RenTelco division rents and sells electronic test equipment and is one of the leading rental providers of general purpose and communications test equipment in the Americas. The Company’s Adler Tank Rentals subsidiary rents and sells containment solutions for hazardous and nonhazardous liquids and solids with operations today serving key markets throughout the United States. In 2008, the Company entered the portable storage container rental business under the trade name Mobile Modular Portable Storage. Today, the business is located in the key markets of California, Texas, Florida, Northern Illinois, New Jersey and most recently entered the North Carolina region. For more information on McGrath RentCorp and its operating units, please visit our websites:
Corporate – www.mgrc.com
Tanks and Boxes – www.adlertankrentals.com
Modular Buildings – www.mobilemodular.com
Portable Storage – www.mobilemodularcontainers.com
Electronic Test Equipment – www.trs-rentelco.com
School Facilities Manufacturing – www.enviroplex.com