NEWS

Electro Rent announces changes to executive management team

Chairman and CEO Dan Greenberg to Retire; Steven Markheim Promoted to Chief Executive Officer; Allen Sciarillo Confirmed as Chief Financial Officer; Karen Curtin Assumes role of Chairman

VAN NUYS, CALIFORNIA – Electro Rent Corporation (Nasdaq: ELRC) today announced that its Chairman and Chief Executive Officer, Daniel Greenberg, who will soon turn 75, will retire effective July 11, 2016 after a more than 40-year career with the company.  Greenberg will continue as a member of the company’s board of directors.

Upon Greenberg’s retirement, Steven Markheim, who has been Electro Rent’s President and Chief Operating Officer since 2007, will become its President and Chief Executive Officer.  Allen Sciarillo, Electro Rent’s Acting Chief Financial Officer since September 2015, has been confirmed as its Chief Financial Officer.  Electro Rent’s current Lead Director, Karen Curtin, will assume the role of non-executive Chairman of its Board of Directors.

“Dan has been one of Electro Rent’s guiding lights for more than four decades, joining our board in 1976 and serving as our Chairman and CEO for more than 35 years,” said Curtin.  “He has provided inspirational leadership for his team, and set an example through his own hard work, integrity and determination.  We are happy that we will continue to benefit from Dan’s ongoing involvement as a board member, and are pleased to promote Steve and Allen to carry the company forward.”

“It has been a privilege to serve Electro Rent, its employees, shareholders, partners and customers, for almost the entirety of my professional career,” said Greenberg.  “I have taken great pleasure in watching this company grow into one of the most well respected companies in our industry.  It is now time to hand the reins over to those who can take the company to the next level, and I have the utmost confidence that Steve, Allen and the rest of our team have the knowledge and ability necessary to successfully meet the challenges of the future.”

Markheim, 63, has been with Electro Rent for more than 35 years, and has been President and Chief Operating Officer since 2007.  Prior to joining the company, he was an accountant with Matsushita of America and the accounting firm of Wolf & Co.

Sciarillo, 51, has been with Electro Rent for 10 years.  Sciarillo is a Certified Public Accountant who was previously the Chief Financial Officer of Dial Thru International Corporation, InterPacket Networks and RSLCOM USA.  He began his career in public accounting with Deloitte & Touche.

Curtin, 61, has served on Electro Rent’s board since 2004, and was appointed its Lead Director in 2009.  Since 2010, she has been a private investor, and previously held positions at Paradigm Capital Ltd., Dulcinea Ventures and Bank of America, including as manager of the bank’s Leasing and Transportation Divisions.

About Electro Rent and Electro Rent Europe

Founded in 1965 and with a company revenue of €223 million in FY2015, Electro Rent is one of the largest global organisations devoted to the rental, leasing and sales of general purpose electronic test equipment, personal computers and servers. The company has a global network of offices and affiliates covering all continents. Electro Rent Europe is a subsidiary of Electro Rent and has been serving customers all over Europe since 2005. For more information visit www.electrorent-europe.com.

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