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Posted 02 February, 2022

GATX CORP appointed Robert C. Lyons as new CEO

NYSE:GATX appointed new Chief Executive Officer Robert C. Lyons in a 8-K filed on 02 February, 2022.


  As previously reported, on December 3, 2021, the Board of Directors of GATX Corporation ("GATX" or the "Company") appointed Robert C. Lyons to the position of Chief Executive Officer and President, effective April 22, 2022 upon the retirement of Brian A. Kenney, the current Chairman, CEO and President.  

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Overview of GATX CORP
Transportation/Logistics • Railroads
GATX Corp. engages in leasing, management, and remarketing long-lived, widely used assets, primarily in the rail market. It operates through the following segments: Rail North America, Rail International, Engine Leasing, and Other. The Rail North America segment provides railcars pursuant to full-service leases under which it maintains the railcars and provides other ancillary services. The Rail International segment is involved in leasing railcars to customers throughout Europe pursuant to full-service leases. The Engine Leasing segment includes ownership interest in the RRPF affiliates, a group of joint ventures with Rolls-Royce that lease aircraft spare engines, and GEL, which directly owns aircraft spare engines that are leased to airline customers. The Other segment refers to tank container leasing business operations. The company was founded in 1898 and is headquartered in Chicago, IL.
Market Cap
$5.68B
View Company Details
GATX CORP by TradingView
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;

Compensatory Arrangements of Certain Officers.


As previously reported, on December 3, 2021, the Board of Directors of GATX Corporation ("GATX" or the "Company") appointed Robert C. Lyons to the position of Chief Executive Officer and President, effective April 22, 2022 upon the retirement of Brian A. Kenney, the current Chairman, CEO and President. Mr. Lyons is currently Executive Vice President and President of the Company's Rail North America business. Mr. Kenney is expected to continue to serve on GATX's Board of Directors as non-executive Chairman until October 31, 2022. On January 28, 2022, the Compensation Committee of the Board of Directors approved changes to Mr. Lyons' base salary, target bonus and target long-term incentive opportunity in connection with his promotion and set Mr. Kenney's compensation as non-executive Chairman.


Effective April 22, 2022, Mr. Lyons' base salary will increase to $800,000 from $597,100, and his target bonus will increase to 100% of base salary from 70%. In making its regular, annual grants of long-term incentive awards on January 28, 2022, the Compensation Committee used a target value of $3,000,000 for Mr. Lyons' awards, an increase from the target value of $950,000 used in 2021.


For his service as non-executive Chairman following his retirement on April 22, 2022, Mr. Kenney will receive cash compensation at the annual rate of $150,000. That amount will be pro-rated for the approximately six-month period Mr. Kenney is expected to serve.


In addition, on January 28, 2022, the Compensation Committee approved a Leadership Recognition Award for Thomas A. Ellman, the Company's Executive Vice President and Chief Financial Officer. The award consists of a grant of 3,960 restricted stock units having a grant date value equal to $400,000 pursuant to the form of Restricted Stock Unit Agreement attached hereto as Exhibit 10.1. These restricted stock units will vest 25% on the one year anniversary of the date of grant and 75% on the third anniversary of the grant, subject to continued employment with the Company. Mr. Ellman also entered into a Confidential Information, Non-Competition, and Non-Solicitation Agreement in the form attached hereto as Exhibit 10.2, pursuant to which he agreed that during employment and for a period equal to the shorter of (i) the 12-months immediately following the termination of his employment for any reason other than a termination by GATX without cause or by the executive for good reason, or (ii) until January 28, 2026 he will not compete with GATX or solicit customers or employees of GATX, in addition to covenanting not to use or disclose GATX confidential information.