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LIVERMORE, Calif., Feb. 26, 2014 (GLOBE NEWSWIRE) -- McGrath RentCorp (Nasdaq:MGRC) (the "Company"), a diversified business to business rental company, today announced that Robert P. McGrath the Company's founder and Chairman Emeritus will retire from its Board of Directors at the Company's 2014 Annual Meeting of Shareholders.
Mr. McGrath started the Company in 1979 and served as its Chairman & Chief Executive Officer until April, 2003 when he stepped down as CEO. He continued to serve as Chairman of the Board of Directors until June, 2009 when he transitioned to his current board member role as Chairman Emeritus. During his tenure as CEO, McGrath built one of the most successful publicly traded rental businesses on Wall Street. Under Mr. McGrath's leadership as CEO, the Company was recognized five times as one of the "Top 200 Best Small Public Companies" by Forbes Magazine. Further, Mr. McGrath was responsible for having initiated an increasing annual dividend to shareholders beginning in 1992 that has now stretched to 22 consecutive years.
"Bob has been a remarkable business and equity value builder," said Ron Zech, Chairman of the Board of McGrath RentCorp. "His deep understanding of rental businesses, passion for serving customers' needs, and operational efficiencies acumen have been at the core of McGrath RentCorp's financial success. Bob was also very focused on management succession planning and building a quality team of high-integrity and deeply committed leaders to the Company. Today, that management team is led by Dennis Kakures, the current CEO, a 31 year Company veteran, who continues to build this culture. The Board and I are grateful for Bob's leadership over the years."
The Company also today announced Elizabeth (Liz) Fetter has been elected to the Company's Board of Directors. The election brings the Board membership currently to eight directors. Ms. Fetter will also serve on the Board's Audit and Compensation Committees.