WillScot Holdings appoints new chairman, nominates new director

PHOENIX, AZ – Today, WillScot Holdings Corp (NASDAQ:WSC), a leader in modular space and portable storage solutions with a market capitalization of $5.46 billion and impressive gross profit margins of 54%, announced significant changes to its board of directors. According to InvestingPro analysis, the company appears undervalued based on its Fair Value assessment. Erik Olsson, the non-executive Chairman of the Board, has decided not to stand for reelection at the upcoming 2025 Annual Meeting of Stockholders. The company has confirmed that there were no disagreements leading to his departure.

Following Olsson’s decision, the Board unanimously voted to appoint Worthing Jackman as the new Chairman, effective immediately after the 2025 Annual Meeting, contingent on his reelection as a director. Jackman, with extensive leadership experience, including his recent role as CEO of Waste Connections (NYSE:WCN), is expected to bring valuable insights to WillScot.

In addition to Jackman’s appointment, the Board has nominated Dominick Zarcone for election as a director at the 2025 Annual Meeting. Zarcone’s background includes serving as President & CEO of LKQ (NASDAQ:LKQ) Corporation and various leadership roles at Baird Financial Group.

These board changes come as WillScot continues to navigate the equipment rental and leasing services industry. Both Jackman and Zarcone have proven track records in guiding companies through growth and operational excellence.

The company’s decision reflects its commitment to strong governance and strategic leadership. The nominations are subject to stockholder approval at the 2025 Annual Meeting. This announcement is based on a recent SEC filing by the company.

In other recent news, WillScot Holdings Corporation announced a private offering of $500 million in senior secured notes due 2030, issued by its subsidiary Williams Scotsman, Inc. The proceeds from this offering, estimated at approximately $493.5 million, along with an additional $33 million from existing credit facilities, are intended to fund the redemption of $526.5 million in outstanding senior secured notes due 2025. This financial maneuver is contingent on the successful completion of the new debt financing. In a related development, DA Davidson reaffirmed its Buy rating on WillScot Mobile Mini (NASDAQ:MINI_old) Holdings Corp., maintaining a price target of $47.00, following the company’s Investor Day presentation. Meanwhile, BofA Securities adjusted its price target for WillScot to $43.00 from $47.00, while maintaining a Buy rating, citing the company’s fourth-quarter revenue of $602.5 million, which slightly missed consensus expectations. Morgan Stanley (NYSE:MS) also reiterated its Overweight rating on WillScot, with a price target of $50.00, highlighting the company’s new capital allocation strategy, which includes the initiation of a dividend. These recent developments indicate a strategic shift in WillScot’s financial management and investor relations.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.