After more than seven years at the helm, Dan Penovich is moving on from his position as president of global railcar leasing company Mitsui Rail Capital. Kevin Cook will take over as president after serving the past two years as vice president of sales, marketing and business development for the company.

“My professional relationship with Kevin goes back more than 20 years,” Penovich, who came to Mitsui Rail Capital in 2010 and took over as president in 2014, said. “I found him through those years to be a great business leader, but he also could appreciate and respond to the customer perspective. Kevin will bring a unique perspective in his new role as president, and I look forward to providing further guidance as he settles into his new role.”

Penovich, who was instrumental in Mitsui Rail Capital’s entry into the tank car business, will serve as an executive advisor during the transition — which took effect on Oct. 1 — while considering his next steps. Family and work will be key priorities in his future planning, Penovich said. Penovich has more than 30 years of experience in the rail industry, spending time with Mitsui Rail Capital, GATX, Union Tank Car Company and North American Car Company.

“I am so thankful to Dan for bringing me onto the MRC team and trusting me to take over as the new president,” Cook, who joined Mitsui Rail Capital in 2019, said. “I am excited about the opportunity to lead the great team Dan has built and am looking forward to rapidly grow our business in the future. Dan leaves a legacy of great organizational culture focusing on our customers by providing great service.”

Prior to joining Mitsui Rail Capital, Cook spent 17 years at Midland Manufacturing, a producer of railroad tank car safety valves and equipment. He served as general manager while at Midland, introducing several products to grow revenue internationally. He also helped establish new standards that improved the safety of transporting hazardous chemicals by rail.

Prior to his work at Midland, Cook held positions at ITT Engineered Systems, Grinnell Corporation and Tyco Flow.