Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On May 18, 2020, Paul E. Mauer, President of TrinityRail Products for Trinity Industries, Inc. (“Trinity” or the “Company”), notified Trinity of his intention to retire from employment with the Company, effective November 18, 2020. Trinity plans to enter into a separation agreement with Mr. Mauer consistent with the terms of Trinity’s executive officers’ Transition Compensation Plan.
Mr. Mauer’s current responsibilities will be separated into two roles - a Senior Vice President of Production Operations and a Senior Vice President of Support Services. These roles will report directly to the Company’s Chief Executive Officer. Neil J. West, currently President of TrinityRail Maintenance Services, has been appointed Senior Vice President of Production Operations. The Company anticipates appointing a Senior Vice President of Support Services in the near term. Mr. West will have interim responsibility over the Support Services role until the Senior Vice President of Support Services is appointed.
Forward-Looking Statements
Some statements in this Current Report on Form 8-K, which are not historical facts, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about Trinity's estimates, expectations, beliefs, intentions or strategies for the future, and the assumptions underlying these forward-looking statements, including, but not limited to, future financial and operating performance, future opportunities and any other statements regarding events or developments that Trinity believes or anticipates will or may occur in the future, including the potential financial and operational impacts of the COVID-19 pandemic. Trinity uses the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “intends,” “forecasts,” “may,” “plans,” “will,” “should,” “guidance,” “projected,” “outlook,” and similar expressions to identify these forward-looking statements. Forward-looking statements speak only as of the date of this release, and Trinity expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Trinity’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based, except as required by federal securities laws. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from historical experience or our present expectations, including but not limited to risks and uncertainties regarding economic, competitive, governmental, and technological factors affecting Trinity’s operations, markets, products, services and prices, and such forward-looking statements are not guarantees of future performance. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” and “Forward-Looking Statements” in Trinity’s Annual Report on Form 10-K for the most recent fiscal year, as may be revised and updated by Trinity’s Quarterly Reports on Form 10-Q, and Trinity’s Current Reports on Form 8-K.