After 44 years at the company, Trinity Industries, Inc. President and CEO Timothy R. Wallace has announced his retirement. Wallace has agreed to continue in his current roles “for as long as necessary to facilitate a smooth transition,” the company said. “The Trinity Board is initiating a search to identify Mr. Wallace’s successor and will consider both internal and external candidates.”
Wallace, who joined Trinity in 1975, became President and CEO in 1999. In addition, he served as Chairman of the Board from 1999 to March 2019. Among numerous achievements spanning his long career, Wallace “played a key role in growing TrinityRail’s lease fleet into one of the largest in North America, and establishing an integrated rail platform that provides customers with customized solutions of products and services,” the company noted.
“It has been my honor and privilege to be a part of this great company for the past 44 years and lead it for the past 20,” said Wallace. “With a strong foundation and team in place, I believe this is an opportune time for me to step back and let a new leader guide Trinity into the future. I am proud of all we have accomplished together, and I am committed to continuing to work with the Board and management team to ensure a smooth transition.”
“On behalf of the Board, I want to thank Tim for his significant contributions and service to Trinity over more than four decades,” said Non-Executive Chairman Leldon Echols. “Tim has made a difference in every facet of this company. He has been instrumental in building a strong corporate culture dedicated to premier performance—fostering collaboration throughout the business and a commitment to excellence and continuous improvement. Under Tim’s leadership, Trinity evolved from a manufacturer of railcar products to a premier integrated platform of railcar products and services with market-leading positions in North America. Tim has developed a deep bench of management talent to support the company’s continued success, and we are excited about the future of the company going forward.”