JOHANNESBURG – The chief executive of Trencor will retire in June, the investment holding company said on Thursday.
Jimmy McQueen, a four-decade company veteran, will be replaced by part-time board member and former managing director of Trencor Hennie van der Merwe.
Trencor in November flagged it would swing into an unspecified annual loss due to the exposure of its marine container operator Textainer Group Holdings to South Korean container carrier, Hanjin Shipping Company, which filed for bankruptcy protection last year.
Textainer, which reported a $46 million loss in the third quarter, had leased 6.4% of its fleet to Hanjin, it said in November.
McQueen’s departure follows the retirement of Robert Pedersen, president and chief executive of Textainer Equipment Management and Isam Kabbani, a Textainer board member.
Trencor shares closed 0.50% higher at R32.30.