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With about a three-year lead time, Trinity Industries Inc. is executing a succession plan for two top officers. Yesterday, the company announced Executive Vice President John Adams, and Senior VP and Chief Financial Officer Jim Ivy will gradually transition toward retirement in 2008 and be succeeded by William McWhirter and Chas Michel, who will assume the roles of VP and CFO, and VP and chief accounting officer, respectively.

Ivy plans to step down in March, then serve as special assistant to the chief executive officer until retirement; Adams will step down in June, then serve as vice chairman. Both will report to Chairman, President and CEO Timothy Wallace.

"We expect the transition to be seamless since John and Jim will remain involved," said Wallace in a prepared statement. "Bill's significant experience in operations, acquisitions and strategic planning, coupled with Chas' in depth financial and accounting expertise will serve us well."

McWhirter currently serves as EVP of Trinity's construction products group. Since joining Trinity in 1985, he has served as VP of accounting for the company's concrete and aggregates business, and VP of mergers and acquisitions. McWhirter also held various accounting-related positions.

Michel currently serves as corporate controller. He previously served accounting firm KPMG Peat Marwick as a partner and held various management positions. Michel also spent 10 years in the restaurant industry, where he served a stint as a CFO.