MUL Railcars, Inc. (MULR), a subsidiary of Mitsubishi UFJ Lease & Finance Company Limited (MUL), announces Executive Management transition

PORTLAND, Ore., June 30, 2020 /PRNewswire/ -- MULR Chairman, Kenji Yasuno, today announced that, effective July 1, Anders Vestergaard will assume the role of CEO as Jim Sharp, the company's founding CEO, completes his service with the company in a preplanned management transition.

MULR started operation in Oct 2017; Jim was charged with developing the policy and organizational infrastructure to establish MULR as a Tier 1 Rail Operating Leasing platform with an aggressive growth agenda. Three years later MULR is comprised of team and fleet consistent with our aspirations. While current market conditions are challenged by the effects of the COVID-19 global pandemic, our team and 20,000 car fleet represent the qualities and characteristics that are exactly in line with MUL's standards. We have one of the highest quality, youngest, most diverse fleets in the industry and the MULR team matches the quality of our fleet. Andy was employee #1 and has been central to the entire development of MULR in all facets. We have tremendous confidence in the handoff to Andy and the team to maintain and extend the substantial growth and capability of MULR.

Commenting on the appointment, Andy said "I'm honored and thankful for the great opportunity that our parent, MUL, and Kenji have provided me and the trust they have shown.  We have a great team, a diverse fleet, and an excellent set of customer relationships.  I'm excited to lead MULR through these challenging market conditions.  A final thank you to Jim for establishing and leading MULR to this point, the team and I intend to carry on his good work."

Kenji said "We'd like to thank Jim for his contributions in developing our business and wish him well in his future endeavors.  While we'll miss Jim, I'm very proud of the culture and professionalism he built at MULR over the past few years.  Andy has extensive knowledge of rail business and I look forward to working closely with him to further enhance MULR's position as one of the leading railcar lessors in the North America market."

About MUL
Mitsubishi UFJ Lease & Finance Company Limited (MUL) is a prominent global leasing company based in Japan and publicly listed on the Tokyo and Nagoya Stock Exchanges. MUL, incorporated in April 1971, has responded to increasingly diverse customer needs by expanding into a variety of business domains, as well as its core lease and financing business. MUL's principal shareholders are Mitsubishi Corporation and Mitsubishi UFJ Financial Group Inc.

About MULR
MUL Railcars, Inc. (MULR) is based in Portland, Oregon, and is an emergent power in the North American railcar leasing and management business, offering best-in-class asset management capabilities combined with a uniquely experienced and talented team dedicated to customer solutions. MULR offers a complete railcar leasing solution set with railcar asset management, regulatory support, specialized services and leasing products that provide customers with the options they need.

CONTACT: Christina Chu, [email protected]

SOURCE MUL Railcars, Inc.