CAI International, Inc. (NYSE:CAI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On May 3, 2017, William Liebeck, a member of the Board of Directors (the “Board”) of CAI International, Inc. (the “Company”), passed away. In light of Mr. Liebeck’s passing, at a meeting of the Board on July 25, 2017, the Board determined to move one of the directors from Class I (with a term expiring at the 2020 Annual Meeting of Stockholders) to Class II (with a term expiring at the 2018 Annual Meeting of Stockholders) to achieve a more equal balance of membership among the classes of directors in accordance with the Company’s Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws. Accordingly, on July 25, 2017, Marvin Dennis agreed to resign as a Class I director and was immediately appointed by the Board as a Class II director. Mr. Dennis continues to serve on the Compensation Committee, the Audit Committee and the Nominating and Corporate Governance Committee of the Board. The resignation and reappointment of Mr. Dennis was effected solely to rebalance the Board classes in accordance with the Company’s Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws, and for all other purposes, including vesting and other compensation matters, Mr. Dennis’ service on the Board is deemed to have continued uninterrupted.
About CAI International, Inc. (NYSE:CAI)
CAI International, Inc. is a transportation finance and logistics company. The Company purchases equipment, which it leases primarily to container shipping lines, freight forwarders and other transportation companies. The Company operates through three segments: container leasing, rail leasing and logistics. It also manages equipment for third-party investors. In operating the Company’s fleet, it leases, re-leases and disposes equipment and contract for the repair, repositioning and storage of equipment. Its equipment fleet consists primarily of intermodal marine containers. The Company owns a fleet of railcars of various types, including 50 feet and 60 feet box cars for paper and forest products; covered hoppers for grain, cement, sand and plastic pellets; general purpose tank cars that are used to transport food-grade and other non-hazardous commodities; gondolas for coal, and general service flat cars. It also offers intermodal, truck brokerage and logistics services.
