FreightCar America names new CEO – Manufacturing News

on Jul19

18 July 2017 | 6:49 pm

Rail car maker FreightCar America has named a new CEO, who will take over at the end of the month.

The company appointed James Meyer to the role. He replaces Joseph McNeely, who “will leave the company by mutual consent to pursue new opportunities,” FreightCar America said in a statement.

“We are extremely pleased to name Jim Meyer as president and CEO and have him join the board,” Chairman William Gehl said in the statement. “Jim has demonstrated outstanding leadership skills and we expect the company to benefit from his extensive industry experience and solid financial expertise.”

Meyer, 56, is coming from commercial truck maker Commercial Specialty Truck Holdings, where he was chairman, investor and adviser, FreightCar said. He also was chief operating officer at Rev Group, held leadership positions at Lake Forest-based Brunswick, which makes recreational products, and worked for 16 years at Ford, “where he held various executive positions,” FreightCar said.

McNeely had been with FreightCar America since September 2010, when he started as chief financial officer. He took over as CEO in October 2013, after then-chief executive Ed Whalen retired.

In the statement, Gehl also thanked McNeely “for his invaluable contributions to FreightCar America.”

The company reported $523.7 million in revenue for last year, down 32 percent from $772.9 million in 2015. Net income was $12.3 million in 2016, down 61 percent from about $31.8 million the previous year.

McNeely attributed the decline in net income to an industry oversupply of railcars, higher-than-expected manufacturing costs and the continued reduction of freight rail traffic.



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