Bill Furman, the longtime CEO of Greenbrier, will resign in March

Greenbrier co-founder Bill Furman will retire as CEO in March but will remain executive chairman until September 2022, the company announced on Tuesday. Lorie Tekorius, president and chief operating officer, will only be the second CEO in the company’s history when she takes the job on March 1.

Greenbrier shares fell 7.7% on Tuesday after the company released its quarterly financial results and announced its CEO transition.

Lake Oswego-based Greenbrier manufactures barges and rail cars, some through its Gunderson subsidiary in Portland. The company, which has 650 employees in Oregon, is undergoing a sea change after a sharp decline in business at the start of the pandemic.

Furman, 77, helped found Greenbrier in 1981 and has served as the company’s CEO for the past four decades. Greenbrier announced last year that he would remain CEO until September to help the company weather the COVID-19 pandemic.

Tekorius, 54, has been with Greenbrier since 1995 and has been president since 2019. Previously, she was Chief Financial Officer.

Greenbrier’s sales and profits have plummeted during the pandemic. According to financial results released Tuesday, revenue fell from $2.8 billion in fiscal 2020 to $1.7 billion last year. Profits fell from $87.5 million to $32.5 million.

Greenbrier laid off 3,500 in the spring of 2020, a fifth of its global workforce, in the early days of the pandemic. Most of the jobs were cut in Mexico, but Greenbrier also fired 195 people who made Gunderson trains in Portland.

The pandemic has severely disrupted global shipping, with an immediate impact on Greenbrier’s railcar operations. However, with supply chain shortages for goods around the world, the industry is recovering – and there are signs that Greenbrier’s operations are too.

The company said Thursday that revenue in four quarters was nearly $600 million, up from $435 million in the third quarter and $296 million in the second quarter.

Greenbrier’s stock fell $3.57 on Tuesday, closing at $43.09. The stock has nevertheless risen significantly from a year ago when the stock traded below $27.

— Mike Rogoway | [email protected] | Twitter: @rogoway | 503-294-7699