McGrath Rentcorp (MGRC) CEO Kakures to Take Medical Leave

October 5, 2016 4:13 PM EDT

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McGrath RentCorp (NASDAQ: MGRC) announced its President and CEO, Dennis C. Kakures, will be on medical leave of absence due to a stroke, effective immediately. At the present time, it is too soon to know the course and timing of Mr. Kakures’ recovery. In respect of Mr. Kakures’ privacy, no additional details or updates will be provided at this time.

The McGrath Board of Directors has established an Interim Office of the Chief Executive Officer (the “CEO Office”) during Mr. Kakures’ absence, which will report to the full Board of Directors. The CEO Office is comprised of Chairman of the Board, Ronald Zech; Director, Robert C. Hood; Director, Elizabeth A. Fetter; Chief Operating Officer, Joseph F. Hanna; and Chief Financial Officer, Keith E. Pratt.

“The Board of Directors is confident that our employees, including seasoned leaders of each division within the company, will seamlessly carry-on under the leadership of the CEO Office during Dennis’ absence,” said Chairman Zech. “We are fortunate to have within the CEO Office a group of dedicated and experienced management team and board members. Both Joe and Keith work closely with Dennis on day to day operations and have integral knowledge of the business and the people as they joined the company in 2003 and 2006, respectively. Moreover, the directors within the CEO Office will provide support and guidance as needed, drawing upon Director Hood’s tenure on the board during which the company underwent periods of growth, Director Fetter’s operational expertise as a former Chief Executive Officer and my 25 plus years on the company board and chief executive officer experience.”

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