Willie Swisher, president and CEO of Stephenson’s Rental Services, will retire from the Canadian rental company at the end of this year to return to his home town of Houston, Swisher told RER. Swisher said the company, with the support of private equity partners Edgestone, plans to expand across Canada over the coming years, and that after eight years in Canada, he and his wife are ready to return to their Texas home.
“I’m 55, I’m not looking to retire, but Canada is not going to be our home long term,” Swisher said in an exclusive interview with RER. “Our kids and our families are all back in Texas. I’m going to be looking for opportunities back there.”
Swisher said for the past few months he has been involved in the process of looking for his successor. “We’re looking at candidates,” he said. “Because of the opportunities to expand our footprint, it’s going to require leadership that has the tools to be able to do that. So we’re looking for the right person who can lead the company in that direction for the next five to seven years or even 10 years.”
Swisher leaves a significant legacy after eight years at Stephenson’s, having doubled the company’s size and tripled its profitability during his tenure. He also presided over a significant change in the company’s business model.
“When I got here in late 2001, the company had a good brand, but was clearly a homeowner, do-it-yourself, general tool company,” Swisher said. “In eight years we’ve gone from a general tool/homeowner company into what I consider to be one of the premier suppliers to the professional contractor base in Toronto. We’ve turned it into a pretty formidable competitor in the construction market.”
Swisher will continue to be a major shareholder of Stephenson’s, holding a significant stake in the company. He expects to continue on Stephenson’s board of directors for a year after his departure, helping with the transition.
Swisher admitted a touch of regret leaving during a slow construction cycle with a drop in business He added, however, that contractors in the Toronto area expect improved business conditions in 2010.
Based in the Toronto suburb of Mississauga, Ontario, Stephenson’s Rental Service is No. 35 on the RER 100, with U.S. $54 million in rental volume and $67 million in total revenue in 19 locations in and near the greater Toronto area.
