Essex Rental Corp.’s president and CEO Ronald Schad has resigned. Schad will remain CEO until a replacement is appointed. Working with an executive recruiting firm, the board of directors will conduct a comprehensive search for Schad's replacement, including an assessment of internal and external candidates. Schad will continue to serve on Essex's board of directors and will remain a significant stockholder of Essex.
Schad joined Essex in 2000 and has served as the CEO for more than 13 years. During Schad's tenure, Essex has expanded both its market position and product offerings in the North American construction industry.
"I am pleased with the accomplishments of Essex Rental Corp. I am especially proud to have worked with our dedicated employees who are focused on serving our customers and building value for our shareholders,” Schad said. “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."
"The board of directors thanks Ron for his service and dedication and we look forward to working with him in the coming months to identify a new leader for the company," said Laurence Levy, chairman of the board of directors of Essex Rental Corp.