Sunstate Equipment Co. executive chairman Mike Watts will take over as chairman of the board of Mobile Mini at the end of 2012 when chairman, president and CEO Steven Bunger steps down from those posts. The company’s board of directors has formed a search committee to identify and recruit Bunger’s successor. The committee has also engaged the services of search firm Heidrick & Struggles to assist in the process, which will include the consideration of both external and internal candidates.
Bunger joined Mobile Mini in 1983 and worked his way up through various field and operations roles. In early 1995, Bunger was named vice president of operations and marketing and was promoted to executive vice president and chief operating officer the same year. He became president and CEO in 1997 and chairman of the board in 2001. During his tenure as CEO, Mobile Mini transformed from a sales and manufacturing company in eight cities with revenues of $46.1 million in 1997 to a high margin leasing and marketing company with 136 locations in four countries and more than $364 million in revenues in 2011. During this period the company completed more than 50 acquisitions, including the acquisition of Mobile Storage Group in 2008, the largest acquisition in Mobile Mini’s history.
“I have thoroughly enjoyed my nearly 30-year career at Mobile Mini and thank all the talented employees who have helped us become the leader in the portable storage industry,” said Bunger. “We continue to see growth in the business and expect third-quarter results to be consistent with market expectations. I am also confident that the foundation and culture we have built will allow the company to continue to grow and create value for shareholders as it changes leadership.”
Bunger said he will assist the new CEO to ensure a smooth transition.
“The board will work diligently to hire a world-class executive to lead Mobile Mini in its next chapter of success,” said Watts. “Together we expect Mobile Mini to capitalize upon its many strengths, including its highly differentiated products, diverse customer base in North America and Europe, deep team of dedicated employees, and very solid financial position to drive further growth and shareholder value creation.”
Watts has been a Mobile Mini director since 2002 and lead director since 2005, currently serving on the audit, compensation and governance & nominating committees. Watts founded Sunstate Equipment Co. in 1977. He is also co-owner of Water Movers and Underground Safety Equipment, both specialty rental businesses operating in the southwest United States.
