Trinity Industries, Inc. announced Timothy R. Wallace has notified the Board of Directors of his decision to retire as Chief Executive Officer and President. The Trinity Board is initiating a search to identify his successor and will consider both internal and external candidates. Wallace has agreed to continue in his current roles for as long as necessary to facilitate a smooth transition.
“It has been my honor and privilege to be a part of this great company for the past 44 years and lead it for the past 20,” said Wallace. “With a strong foundation and team in place, I believe this is an opportune time for me to step back and let a new leader guide Trinity into the future. I am proud of all we have accomplished together, and I am committed to continuing to work with the Board and management team to ensure a smooth transition.”
Wallace joined Trinity in 1975 and has been CEO and President since 1999. In addition, he served as Chairman from 1999 to March 2019. Among numerous achievements spanning his long career, Mr. Wallace played a key role in growing TrinityRail’s lease fleet into one of the largest in North America and establishing an integrated rail platform that provides customers with customized solutions of products and services.
Trinity’s non-executive Chairman Leldon Echols stated, “On behalf of the Board, I want to thank Tim for his significant contributions and service to Trinity over more than four decades. Tim has made a difference in every facet of this company. He has been instrumental in building a strong corporate culture dedicated to premier performance – fostering collaboration throughout the business and a commitment to excellence and continuous improvement. Under Tim’s leadership, Trinity evolved from a manufacturer of railcar products to a premier integrated platform of railcar products and services with market-leading positions in North America. Tim has developed a deep bench of management talent to support the Company’s continued success, and we are excited about the future of the company going forward.”
Trinity Industries, headquartered in Dallas, TX, owns businesses that are leading providers of rail transportation products and services in North America. The TrinityRail integrated platform provides railcar leasing and management services, as well as railcar manufacturing, maintenance and modifications. Trinity also owns businesses engaged in the manufacture of products used on the nation’s roadways and in traffic control, as well as logistical and transportation businesses that provide support services to a variety of industrial manufacturers