FreightCar America, Inc. Announces CEO Transition
March 18 2024 - 4:15PM
FreightCar America, Inc. (Nasdaq: RAIL), a diversified manufacturer
of railroad freight cars, announced effective May 1, 2024, the
appointment of Nicholas J. Randall, the Company’s current Chief
Operating Officer, as President and Chief Executive Officer and
member of the Company’s Board of Directors. Mr. Randall will
succeed James R. Meyer who has been appointed as the Company’s
Executive Chairman of the Board of Directors. William D. Gehl, the
Company’s current Chairman, will remain on the Board of Directors
and serve as Lead Independent Director.
Mr. Randall, with more than 20 years of global
experience working in and leading engineering and manufacturing
operations at world-class companies, joined FreightCar America in
2023 as Chief Operating Officer. Since joining the Company, Mr.
Randall has managed FreightCar America’s operations and overseen
the completion of its manufacturing campus in Castaños, Mexico.
“I am extremely pleased to announce the
appointment of Nick Randall as our new President and Chief
Executive Officer. Nick upholds the highest standard of operational
excellence and shares the same values and vision for the Company
that have guided us in recent years. Under his leadership, I am
confident that the team will continue to advance our priorities and
deliver a great future for our customers and shareholders,” said
Jim Meyer.
Meyer added, “My role with FreightCar America
will evolve as I assume the position of Executive Chairman, and I
look forward to working with Nick and the rest of the Board on our
strategic priorities. I also want to thank Bill Gehl for his ten
years of service to-date, and especially for the dedication and
expertise he brought to the Company and our Board as its
Chairman.”
“I would like to recognize the transformative
work that Jim has led at a pivotal time in the Company’s history,
and I am honored by the Board’s confidence in my abilities to lead
the Company going forward. I am excited by what lies ahead and look
forward to working with our teams to scale the business while
delivering world class products and after-sales service, and
building great relationships throughout the industry,” said Nick
Randall.
About FreightCar America
FreightCar America, headquartered in Chicago,
Illinois, is a leading designer, producer and supplier of railroad
freight cars, railcar parts and components. We also specialize in
railcar repairs, complete railcar rebody services and railcar
conversions that repurpose idled rail assets back into revenue
service. Since 1901, our customers have trusted us to build quality
railcars that are critical to economic growth and instrumental to
the North American supply chain. To learn more about FreightCar
America, visit www.freightcaramerica.com.
Forward-Looking Statements
This press release may contain statements
relating to our expected financial performance and/or future
business prospects, events and plans that are “forward-looking
statements” as defined under the Private Securities Litigation
Reform Act of 1995. Forward-looking statements represent our
estimates and assumptions only as of the date of this press
release. Our actual results may differ materially from the results
described in or anticipated by our forward-looking statements due
to certain risks and uncertainties. These risks and uncertainties
relate to, among other things, the cyclical nature of our business;
adverse economic and market conditions including inflation;
material disruption in the movement of rail traffic for deliveries;
fluctuating costs of raw materials including steel and aluminum;
delays in the delivery of raw materials; our ability to maintain
relationships with our suppliers of railcar components; our
reliance upon a small number of customers that represent a large
percentage of our sales; the variable purchase patterns of our
customers and the timing of completion, delivery and customer
acceptance of orders; the highly competitive nature of our
industry; the risk of lack of acceptance of our new railcar
offerings; and other competitive factors. The factors listed above
are not exhaustive. New factors emerge from time to time that may
cause our business not to develop as we expect, and it is not
possible for us to predict all of them. We expressly disclaim any
duty to provide updates to any forward-looking statements made in
this press release, whether as a result of new information, future
events or otherwise.
Investor Contact: RAILIR@Riveron.com
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