American Railcar (NASDAQ:ARII) has a new man occupying the CEO's office. The company announced that president and CEO James Cowan has left the firm, and has been replaced on an interim basis by Jeffrey Hollister. In the press release revealing the news, the firm said Cowan departed "in order to pursue other interests." It did not elaborate.
Hollister has been at American Railcar since 2005, working in a number of executive positions. He was most recently responsible for overseeing its railcar manufacturing group.
In an SEC filing, American Railcar indicated that Hollister is to receive an annual salary of $275,000, pro-rated for the length of his term. He will also participate in the firm's management incentive plan, under which he is to be eligible for a target bonus of up to 80% of his salary.