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The Board of Directors (the “Board”) of Mobile Mini, Inc. (NasdaqGS: MINI) and its Chairman, President and Chief Executive Officer, Steven Bunger, have today announced a transition of leadership of the Company, pursuant to which Mr. Bunger will step down as a member of the Board and as President and Chief Executive Officer of the Company effective as of December 31, 2012.
The Company’s Board of Directors has formed a Search Committee to identify and recruit Mr. Bunger’s successor. The Search Committee has engaged the services of Heidrick & Struggles, a globally recognized search firm, to assist it in this process. External as well as internal candidates will be considered in this search. The Board has also formed an Executive Committee to work with Mr. Bunger and the management team throughout the transition period. The new CEO is expected to be in place at the time of Mr. Bunger’s departure or shortly thereafter, which will be effective as of December 31, 2012. At the time of Mr. Bunger’s departure, the Company’s lead independent director, Michael Watts, will assume the role of Chairman of the Board.
Mr. Bunger joined Mobile Mini in 1983 and worked his way up through various field and operations roles. In early 1995, Mr. Bunger was named VP of Operations and Marketing and before the year was over, he was promoted to Executive Vice President and Chief Operating Officer. Mr. Bunger assumed the roles of President and CEO in 1997 and became Chairman of the Board of Directors in 2001. During Mr. Bunger’s tenure as CEO, the Company transformed from a sales and manufacturing company in eight cities with revenues of $46.1 million in 1997 to a high margin leasing and marketing company with 136 locations in four countries and over $364 million in revenues in 2011. Over this period, Mobile Mini completed over 50 acquisitions, including the acquisition of Mobile Storage Group in 2008, the largest acquisition in the Company’s history and the most significant consolidation event in the portable storage industry.