FreightCar America Announces Leadership Transition
Current Company CFO Joseph McNeely Appointed President and Chief Operating
CHICAGO -- May 1, 2013
FreightCar America, Inc. (NASDAQ: RAIL) today announced that its Board of
Directors has confirmed a leadership transition with the appointment of
current Chief Financial Officer Joseph (Joe) E. McNeely to the position of
President and Chief Operating Officer, effective immediately.
In this new role, Mr. McNeely will assume responsibility for managing the
day-to-day business operations and executing the Company’s strategic plan. The
Company’s executive leadership team will report directly to Joe in this
capacity. Mr. McNeely has extensive railcar industry experience and has held
the position of Vice President of Finance, Chief Financial Officer and
Treasurer since 2010.
Ed Whalen will continue in his role as Chief Executive Officer, overseeing the
Company’s strategic initiatives and supporting Mr. McNeely’s transition into
his new role. Mr. Whalen will remain a member of the Board of Directors.
“Joe’s leadership over the past few years at FreightCar, coupled with his
comprehensive industry experience and diverse business background, render him
well-positioned to assume the President and COO role at the Company,”
explained William D. Gehl, Chairman of the Board.
“Joe has played a pivotal role in successfully managing costs and maximizing
operational efficiencies in the midst of a challenging coal car market. He has
been instrumental in the development of the Company’s strategic initiatives
that have positioned the Company for long-term growth,” said Ed Whalen, Chief
Joe McNeely, President and Chief Operating Officer, noted, “I want to thank
the Board for this opportunity and I’m excited to work closely with Ed and
other members of the Board and the FreightCar leadership team as we continue
to execute our growth strategy and strengthen FreightCar’s position in the
Prior to joining FreightCar America, Mr. McNeely served in a range of
managerial and leadership positions, which included responsibility for sales,
marketing, and IT as well as finance. Mr. McNeely joined FreightCar America in
2010 from Mitsui Rail Capital, LLC., where, as Vice President Sales and
Marketing, he focused on railcar leasing sales and marketing, business
development, and diversification of their railcar product portfolio.
Previously, Mr. McNeely held positions at GATX Corporation, including Vice
President Finance for GATX Rail.
Mr. McNeely will maintain responsibility for the finance function until a
successor is appointed, with support from his capable finance team. The
Company has initiated the search for a new CFO and expects to appoint a
successor in the third quarter of 2013. Both external and internal candidates
will be considered.
* * *
FreightCar America, Inc. manufactures railroad freight cars, supplies railcar
parts, leases freight cars through its JAIX Leasing Company subsidiary, and
provides railcar maintenance, repairs and management through its FreightCar
Rail Services, LLC subsidiary. FreightCar America designs and builds coal
cars, bulk commodity cars, flat cars, mill gondola cars, intermodal cars, coil
steel cars and motor vehicle carriers. It is headquartered in Chicago,
Illinois and has facilities in the following locations: Clinton, Indiana,
Cherokee, Alabama, Danville, Illinois, Lakewood, Colorado, Grand Island,
Nebraska, Hastings, Nebraska, Johnstown, Pennsylvania, and Roanoke, Virginia.
More information about FreightCar America is available on its website at
FreightCar America, Inc.
Joe McNeely, 800-458-2235
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