Algeco Announces Management Change
BALTIMORE, Aug. 28, 2018 (GLOBE NEWSWIRE) — Algeco Investments B.V. (together with its subsidiaries, “Algeco”), the leading global business services provider of modular space, secure portable storage solutions and remote workforce accommodations, today announced that as of September 1, 2018, Diarmuid Cummins will be stepping down as Group Chief Executive Officer, and that Andrew Tyler, the current President of Algeco’s European operations, will be appointed Group Chief Executive Officer.
Diarmuid Cummins, commented, “As investors will be aware, the sale of our North American conventional leasing business in late 2017 materially increased the European center of gravity of Algeco with almost three-quarters of Algeco’s earnings coming from that region. Our global refinancing at the beginning of the year further changed the financial landscape for Algeco and created the foundation for future growth of the group. With these milestones completed, the Algeco board and I both feel that now is the right time for the group to be led by a European-based executive who brings to the business new energy and ideas that will help the group deliver on its potential. I look forward to continuing to provide support to Andrew as he assumes his new role.”
Prior to his position as President of the Algeco’s European operations, Tyler was the chief executive of Northrop Grumman’s European business and also previously served as Chief Operating Officer at the U.K. Ministry of Defense responsible for their €18Bn/annum procurement, asset management, and support business. Andrew holds a Bachelor of Science degree, a PhD, and an MBA from London Business School.
Andrew Tyler commented, “I’m very much looking forward to taking on the role. Algeco is a great company with very exciting prospects. The business is in strong health today thanks to all the transformative actions that have taken place over the last few years, and this will allow me to focus on the future. Diarmuid will continue to provide ongoing support to me as we continue to assess the strategic options for our various businesses.”
Algeco is the leading global business services provider focused on modular space, secure portable storage solutions, and remote workforce accommodation management. Headquartered in London, Algeco has operations in 24 countries with approximately 243,000 modular space and portable storage units and 12,100 remote accommodations rooms. The company operates as Target Lodging in North America, Algeco in Europe, Elliott in the United Kingdom, Ausco in Australia, Portacom in New Zealand, and Algeco Chengdong in China.
Cautionary Notice Regarding Forward Looking Statements
This press release contains statements reflecting assumptions, expectations, projections, intentions or beliefs about future events that are intended as “forward-looking statements.” A number of risks and uncertainties could cause our actual results to differ materially from current projections, forecasts, estimates and expectations relating to us. Any or all of these forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks, uncertainties and other factors, many of which are beyond our control.
Investor Relations Contact
Vice President, Finance