Greenbrier cofounder Bill Furman is retiring as CEO in March but will remain executive chairman until September 2022, the company announced Tuesday. Lorie Tekorius, president and chief operating officer, will be just the second CEO in the company’s history when she takes the job March 1.
Lake Oswego-based Greenbrier manufactures barges and railcars, producing some of them through its Gunderson subsidiary in Portland. The company, which has 650 Oregon employees, is navigating a turnaround after a steep falloff in business early in the pandemic.
Furman, 77, helped found Greenbrier in 1981 and has been the company’s CEO for the past four decades. Greenbrier announced last year that he would remain CEO through September to help the company weather the COVID-19 pandemic.
Tekorius, 54, has been with Greenbrier since 1995 and has been president since 2019. Earlier she was chief financial officer.
Greenbrier’s sales and profits fell sharply during the pandemic. Revenues plunged from $2.8 billion in fiscal 2020 to $1.7 billion this past year, according to financial results released Tuesday. Profits fell from $87.5 million to $32.5 million.
Greenbrier laid off 3,500 in the spring of 2020, one-fifth of its global workforce, in the early days of the pandemic. Most of the job cuts took place in Mexico, but Greenbrier also laid off 195 who made Gunderson railcars in Portland.
The pandemic severely disrupted global shipping, which had an immediate impact on Greenbrier’s railcar business. Now, though, with supply chain shortages constraining goods around the globe, the industry is bouncing back – and there are signs Greenbrier’s business is, too.
The company said Thursday that its four-quarter revenue totaled nearly $600 million, up from $435 million in the third quarter and $296 million in the second quarter.
Greenbrier’s stock, which fell as low as $13.12 in the spring of 2020, was trading at $47.51 in premarket activity Tuesday, near its highest point since 2018.
-- Mike Rogoway | mrogoway@oregonian.com | Twitter: @rogoway | 503-294-7699
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