Essex Rental Corp. announced that CEO Ron Schad is resigning as CEO, although he will remain with the company until a replacement is found. The board of directors of the crane rental company will conduct a comprehensive search of internal and external candidates for Schad’s replacement. Schad will continue to serve on Essex’s board and will remain a significant Essex stockholder.
Other than a generic statement, no reason was given for Schad’s departure, which is announced on the heels of a slightly disappointing third quarter with a 5.5-percent decline in revenue compared to the same quarter in 2012, along with a 2.6-percent drop in revenue for the first nine months of 2013. Essex posted third-quarter adjusted EBITDA of $4.4 million and EBITDA for the first nine months of 2013 of $13.4 million. Third-quarter EBITDA dropped 9.3 percent year over year, but increased by a dramatic 28.6 percent for the first nine months of 2013 compared to the same period in 2012.
“I am pleased with the accomplishments of Essex Rental Corp.,” said Schad. “As a public company with a tremendous foundation of people and assets, we are uniquely positioned to grow our company’s offering to our customers. It is with this in mind that I have decided it is an opportune time for me to consider my next steps and professional future. I see great upside for this company, and believe that the time is right for a new CEO to build upon the strategies we have developed to drive our growth opportunities.”
Schad has served as CEO of Essex since 2000.
Based in Buffalo Grove, Ill., Essex Crane Rental is No. 44 on the RER 100.
