The Greenbrier Companies appointed four-star Admiral Thomas B. Fargo, USN (ret.), to the company’s lead director position. Fargo joined Greenbrier’s board in 2015 as an independent director and has served as chair of the compensation committee since 2017.
Fargo is assuming the role of lead director from Duane McDougall, who held the position from 2014 to January 2021. McDougall previously served as the CEO of Willamette Industries, a forest products company. McDougall serves on the board of Boise Cascade, where he was board chair from 2013-2015, and as lead director for The Standard, a privately-owned insurance and financial company. He remains an independent director and member of all Greenbrier board committees. Fargo will continue as compensation committee chair and as a member of the nominating and corporate governance committee.
In 2020, Fargo worked with McDougall and Kelly Williams, the chairman of the nominating and corporate governance committee for Greenbrier, to adopt a policy that upon the retirement of William A. Furman, chairman and CEO of Greenbrier, in 2022, only independent directors will be eligible to serve as board chair.
“I am pleased to add the role of lead director and continue my contributions to Greenbrier,” Fargo said. “Our board is deeply committed to member refreshment and good governance practices. Together with our other board colleagues, we will continue to pursue director and management succession planning, director education, board recruitment and socially responsible policies concerning respect for people and the environment. Active engagement with shareholders throughout the year continues as a top priority for our board and management team. We are deeply grateful to our shareholders for their confidence in Greenbrier.”
Fargo joined Greenbrier’s board of directors in 2015 as a retired military commander with subsequent private sector experience in the defense, maritime and other transportation industries. As commander of the U.S. Pacific Command (2002-2005), he led the world’s largest unified command while directing the joint operations of the Army, Navy, Marine Corps and Air Force in the Pacific Theater, a geographic area encompassing more than 6 million square miles. In this role, Fargo acted as U.S. military representative for collective defense arrangements in the Pacific, ultimately responsible to the president and the secretary of defense through the chairman, joint chiefs of staff. Fargo’s naval career included six tours in Washington, D.C. and duties in the Pacific, Indian Ocean and the Middle East, including serving as commander-in-chief of the U.S. Pacific Fleet and commander of the Naval Forces of the Central Command based in Bahrain in the Arabian Gulf.
Fargo also serves on the board of directors for Hawaiian Electric Industries, Matson and USAA, the private, member-owned insurer and financial services company. In 2020, Fargo completed nine years as board chair of Huntington Ingalls Industries, a military shipbuilder and manufacturer of nuclear submarines and aircraft carriers. He also earlier served on the boards of Northrop Grumman Corporation, Alexander & Baldwin and Hawaiian Airlines.
“We are fortunate to have an experienced and accomplished board of directors, with four members being appointed within the last five years. Nine out of Greenbrier’s 10 directors qualify as independent. Each of our directors brings valuable perspectives as we execute our strategy, drive market competitiveness and enhance value for all Greenbrier stakeholders,” Furman said. “In addition to Admiral Fargo’s experience on our board, during the past five years, he is also well-versed in governance practices that will influence important business dynamics in the years ahead. Tom, Duane and Kelly have led Greenbrier’s board on several best governance practices. In 2020, along with independent director Wanda Felton, this group refreshed our diversity and inclusion policies, including launching our IDEAL commitment, displaying our dedication to respect for people. These directors and their board colleagues have championed Greenbrier’s talent pipeline and environmental, social and governance programs. We look forward to Admiral Fargo’s expanded contributions as lead director. Speaking for our board, we also thank Duane McDougall for his outstanding contributions to Greenbrier during his time as lead director.”
Greenbrier, headquartered in Lake Oswego, OR, is an international supplier of equipment and services to global freight transportation markets. Greenbrier designs, builds and markets freight railcars and marine barges in North America.
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