McGrath RentCorp announced that Philip B. Hawkins, its Executive Vice President and Chief Operating Officer, will become President and Chief Executive Officer effective April 3, 2026. The company’s current CEO, Joseph F. Hanna, will retire from the executive role but will remain on the Board of Directors.
Hawkins has been with McGrath since 2004 and has led the company’s Mobile Modular and test‑equipment rental businesses. His promotion follows a year‑long tenure as COO, during which he oversaw operational efficiencies and geographic expansion. The board cited his deep industry experience and his track record of executing growth initiatives as the primary reasons for the succession.
McGrath’s strategy centers on disciplined capital allocation and a focus on high‑margin segments. The Mobile Modular segment, which supplies portable construction and event infrastructure, remains the company’s growth engine, while the TRS‑RenTelco segment supplies electronic test equipment. The new CEO will continue to drive expansion into the Midwest and Northeast, broadening the company’s footprint in key markets.
Chairman Brad Shuster said the appointment “represents a natural progression in our company’s history” and that Hawkins is “the best leader to succeed Joe Hanna given his industry stature and experience at McGrath since 2004.” Hanna added that he was “very pleased to announce the promotion of Phil Hawkins” and expressed confidence that Hawkins would “deliver our next phase of growth for McGrath.”
McGrath has a long record of profitable growth and has increased its dividend for more than 30 consecutive years. The company’s disciplined approach to capital allocation has enabled it to invest selectively in high‑return opportunities while maintaining a strong balance sheet. The leadership transition is designed to preserve that trajectory and to reinforce the company’s focus on its core, high‑margin segments.
The succession plan signals continuity and confidence from the board. With Hawkins at the helm, McGrath is positioned to sustain its disciplined growth strategy, deepen its presence in the Midwest and Northeast, and continue to capitalize on the robust demand for modular infrastructure and test‑equipment rentals.
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