Brae Corp. Chairman William Texido, who founded the San Francisco company nine years ago, has resigned after failing to win controlling interest in the equipment leasing company.
Texido, 50, said he lost much of his authority since New York-based Leucadia National took control of the company in January.
The Leucadia executives “involve themselves in the day-to-day details of all their businesses, including execution of new business opportunities,” he said. “Perhaps that’s what they should be doing, but it made my presence redundant.”
Texido made an unsuccessful bid last summer to acquire 41.5% of Brae, which leases rail cars, supplies offshore oil rigs and manufactures electronic sports scoreboards.