UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________
Form 8-K
_____________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event Reported): February 17, 2017
McGRATH RENTCORP
(Exact Name of Registrant as Specified in Charter)
| California | 000-13292 | 94-2579843 |
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
| 5700 Las Positas Road, Livermore, CA 94551-7800 |
| (Address of Principal Executive Offices) (Zip Code) |
(925) 606-9200
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report)
| Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | ||
| [ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| [ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| [ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| [ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Dennis C. Kakures, the President and Chief Executive Officer of McGrath RentCorp (the “Company”) announced his early retirement from the Company, effective February 17, 2017. Effective as of the same date, Mr. Kakures resigned from the board of directors of the Company. Mr. Kakures will assist the Company in the transition as a consultant.
Item 8.01. Other Events.
On February 17, 2017, McGrath RentCorp (the “Company”) issued a press release, dated February 17, 2017, associated with Mr. Kakures’ early retirement and resignation as a member of the Company’s board of directors. A copy of the Company’s press release is attached hereto as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits. Exhibit No. Description 99.1 Press Release of McGrath RentCorp, dated February 17, 2017.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| McGRATH RENTCORP | ||
| Date: February 17, 2017 | By: | /s/ Randle Rose |
| Randle Rose | ||
| Chief Administrative Officer and Secretary | ||
EXHIBIT 99.1
McGrath RentCorp Announces Leadership Change
LIVERMORE, Calif., Feb. 17, 2017 (GLOBE NEWSWIRE) -- McGrath RentCorp (NASDAQ:MGRC), a diversified business-to-business rental company, today announced the early retirement of Dennis C. Kakures, President and CEO of the Company, as well as his resignation as a member of the board of directors of the Company, both effective February 17, 2017. Mr. Kakures has been on a leave of absence.
“Dennis has been an integral part of McGrath RentCorp’s growth and success for more than three decades,” said Ronald Zech, Chairman of the board of directors. “All of us at the Company and on the board thank him for his long service, dedication and numerous contributions. As both business associates and friends, the board and all McGrath RentCorp employees wish him the very best.”
“I am proud of the accomplishments McGrath RentCorp has achieved during my tenure, including the Company’s strategic vision and the strong management team that is in place. I am confident of the Company’s future success,” said Mr. Kakures. Mr. Kakures will assist the Company in the transition as a consultant.
The board of directors had previously instituted a continuity of leadership through the establishment of an Office of the Chief Executive Officer (the “CEO Office”), which reports to the full board of directors. The CEO Office is comprised of Chairman Zech; Director, Robert C. Hood; Director, Elizabeth A. Fetter; Chief Operating Officer, Joseph F. Hanna; and Chief Financial Officer, Keith E. Pratt. The CEO Office will continue until a new Chief Executive Officer is appointed in due course.
About McGrath RentCorp
Founded in 1979, McGrath RentCorp is a diversified business-to-business rental company. The Company’s Mobile Modular division rents and sells modular buildings to fulfill customers’ temporary and permanent classroom and office space needs in California, Texas, Florida, and the Mid-Atlantic from Washington D.C. to Georgia. The Company’s TRS-RenTelco division rents and sells electronic test equipment and is one of the leading rental providers of general purpose and communications test equipment in the Americas. The Company’s Adler Tank Rentals subsidiary rents and sells containment solutions for hazardous and nonhazardous liquids and solids with operations today serving key markets throughout the United States. In 2008, the Company entered the portable storage container rental business under the trade name Mobile Modular Portable Storage. Today, the business is located in the key markets of California, Texas, Florida, Northern Illinois, New Jersey and most recently entered the North Carolina region. For more information on McGrath RentCorp and its operating units, please visit our websites:
Corporate – www.mgrc.com
Tanks and Boxes – www.adlertankrentals.com
Modular Buildings – www.mobilemodular.com
Portable Storage – www.mobilemodularcontainers.com
Electronic Test Equipment – www.trs-rentelco.com
School Facilities Manufacturing – www.enviroplex.com
5700 Las Positas Road
Livermore
California 94551
925 606 9200