A mere two months after being re-elected to the board of New York-listed Textainer, one of the world’s largest lessors of shipping containers, group president and CEO Philip Brewer has announced his retirement. The unexpected announcement was issued ahead of the AGM of Textainer’s single largest shareholder Trencor, which will be held on Tuesday. Trencor, which holds 48% of Textainer, has come under pressure to do something about the ongoing poor performance of its largest investment. Brewer, who has been with Textainer for 22 years, was appointed CEO in 2011. Shortly after his appointment the performance of the group, which was then the largest lessor of shipping containers in the world, started to deteriorate. The group lost its top position to Triton and its return on equity declined to a low of 3% in 2017 compared with Triton’s 16%. Disappointing  results The announcement of Brewer’s retirement comes days after a conference call with analysts held to discuss the group’s disappoi...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now