McGrath RentCorp Names Philip B. Hawkins as President and Chief Executive Officer; Joseph F. Hanna to Retire in April 2026
McGrath RentCorp (“McGrath” or the “Company”) (Nasdaq: MGRC), a leading North American business-to-business rental company, today announced a leadership transition with the appointment of Executive Vice President and Chief Operating Officer Philip B. Hawkins as President and Chief Executive Officer. Mr. Hawkins will also join the McGrath Board of Directors. He succeeds Joseph F. Hanna, the current President and Chief Executive Officer, who plans to retire on April 3, 2026, and will remain a director on the company’s board following his retirement. Mr. Hawkins’ appointment will become effective on Mr. Hanna’s retirement date.
Brad Shuster, Chairman of the McGrath Board, emphasized the Board’s confidence in the succession plan. “The McGrath Board has invested considerable time developing a thoughtful and deliberate succession strategy. This transition represents a natural progression in the company’s history, and the timing aligns perfectly with McGrath’s strong momentum. Phil Hawkins brings extensive industry experience and a deep understanding of our company, having been with McGrath since 2004. His leadership, operational expertise, and commitment to the company’s core values make him the ideal choice to continue executing our strategy and driving sustainable growth.”
Mr. Shuster also recognized the contributions of Mr. Hanna, who has led McGrath for the past nine years. “Joe has played a pivotal role in shaping McGrath’s strategic direction while fostering a culture that is uniquely our own. While we will miss his day-to-day leadership, we are grateful that he will remain on the board, where his knowledge of the company, its products, services, and customers will continue to be invaluable. On behalf of the Board, I extend our deepest thanks to Joe for his dedication, vision, and successful leadership throughout his tenure.”
Mr. Hawkins expressed his enthusiasm for the new role. “I am honored to be appointed as the next Chief Executive Officer of McGrath and am grateful to Joe for his years of leadership and mentorship. McGrath is a recognized leader in the rental industry, and the company is stronger than ever. We have a broad range of market opportunities ahead, and I am committed to guiding McGrath through this next phase of growth. I look forward to working with our talented team to continue executing our strategy and achieving our goals.”
Reflecting on his tenure, Mr. Hanna stated, “I am extremely grateful for my time at McGrath and the opportunity to work alongside such a talented and dedicated leadership team. Having worked closely with Phil over many years, I am confident in his ability to lead the company forward. I am proud of our team, which is comprised of some of the most accomplished professionals in the industry, and I want to thank everyone for their support, collaboration, and dedication throughout my time as CEO.”
As part of this transition, both Mr. Hanna and Mr. Hawkins, together with Chief Financial Officer Keith Pratt, will participate in McGrath’s upcoming earnings call scheduled for February 25, 2026.
This leadership change underscores McGrath’s commitment to strategic continuity, operational excellence, and long-term growth in the North American B2B rental market. With a proven executive team and a clear path forward, the company is well-positioned to capitalize on new opportunities and continue delivering value to its customers, employees, and shareholders.
ABOUT MCGRATH:
McGrath RentCorp (Nasdaq: MGRC) is a leading business-to-business rental company in North America with a strong record of profitable business growth. Founded in 1979, McGrath’s operations are centered on modular solutions through its Mobile Modular and Mobile Modular Portable Storage businesses. In addition, its TRS-RenTelcobusiness offers electronic test equipment rental solutions. The Company’s rental product offerings and services are part of the circular supply economy, helping customers work more efficiently, and sustainably manage their environmental footprint. With over 45 years of experience, McGrath’s success is driven by a focus on exceptional customer experiences. This focus has underpinned the Company’s long-term financial success and supported over 30 consecutive years of annual dividend increases to shareholders, a rare distinction among publicly listed companies.
