– USA, MO – American Railcar Industries, Inc. (Nasdaq:ARII) (“ARI”) announced today that James Cowan, its President and Chief Executive Officer, has resigned in order to pursue other interests. The Board of Directors has appointed Jeffrey S. Hollister as President and Interim Chief Executive Officer of the Company. Mr. Hollister has over 23 years of experience in operations and financial management. Mr. Hollister has been with ARI since 2005 and has served in various senior financial and operations roles. Most recently, Mr. Hollister has overseen the Company’s railcar manufacturing group, which includes the Marmaduke and Paragould railcar assembly plants, as well as component/sub-assembly plants.
Carl C. Icahn, Chairman of the Board, stated: “On behalf of the Board of Directors, I wish to thank Jim for his years of service at ARI and I wish him the best of luck in the future. The Board is also looking forward to working with Jeff as President and Interim CEO. Jeff has been with the Company since the IPO and has proven himself to be a valuable member of the ARI team with the knowledge and experience to lead the Company.”
Mr. Cowan commented: “I have been with ARI for almost eight years and am very proud of the Company’s many achievements. I have enjoyed working with Carl, the Board and all the members of the ARI team. I wish Jeff and the other members of the ARI team the best of luck going forward.”
About American Railcar Industries, Inc.
ARI is a leading North American designer and manufacturer of hopper and tank railcars. ARI and its subsidiaries lease railcars manufactured by the Company to certain markets. In addition, ARI repairs and refurbishes railcars, provides fleet management services and designs and manufactures certain railcar and industrial components. ARI provides its railcar customers with integrated solutions through a comprehensive set of high quality products and related services.
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