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New CEO for TNT

US based rental company TNT Crane & Rigging has appointed a new chief executive Mark Irion, effective immediately. He replaces Mike Appling who has worked with TNT for 15 and a half years, having joined the business in 2007. He will remain on the company’s board until the end of the month.

Irion has been a non-executive of TNT since July 2020, but joins the company from Herc Rentals where he has been chief financial officer for the past four years. Prior to that he held a similar role with Neff Rental, but left in late 2017 after more than 19 years with company, when it was acquired by United Rentals. He began his career as an auditor with Deloitte in 1991.
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Mark Irion

Based in Houston, Texas, TNT was founded in December 1984 by Troy Lambert with a single 18 ton mobile crane, but was acquired private equity firm Mezzanine Management in 2007, along with Appling.
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Mike Appling

Over the years the ownership has changed, with Odyssey Investment Partners taking it in 2011, followed by First Reserve private equity in 2013. It continued to make acquisitions and raise further capital until it was obliged to file for Chapter 11 bankruptcy in late 2020. In total it made at least 14 acquisitions, the most recent being JMS in 2021. TNT operates a fleet of around 700 cranes from 40 locations, with 1,500 employees throughout the USA and Canada.

TNT chairman David Fanta said: "Mark is an accomplished leader with the right vision and capabilities to lead TNT's next chapter of growth and success. He brings extensive industry knowledge and deep financial acumen to the Company. Having served on our Board for nearly three years, he already has a strong understanding of TNT's business, strategy, culture and opportunities. We look forward to continuing to work closely with Mark to execute TNT's plans to accelerate profitable growth."

"Mike leaves a tremendous legacy at TNT. He helped build the company through more than a dozen acquisitions as well as strong organic growth. On behalf of the entire Board, I want to thank Mike for his many contributions to TNT over the years and wish him the very best in the future."

Irion added: "I am excited to take on this role and to lead TNT forward as we continue to deliver superior customer service with our unparalleled expertise and capabilities. What has always stood out at TNT is our culture that puts people first. That is reflected in strong, multi year customer relationships and an industry-leading safety record in successfully executing mission-critical work. It is an honour to lead this company and I can't wait to get started."