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Rush Enterprises Chairman, CEO and President W.M. “Rusty” Rush has sued his father and company founder, W. Marvin Rush, over about $38 million in stock in the New Braunfels-based public company, which operates a network of truck dealerships.
Rusty Rush alleges his father reneged on an agreement to turn over the stock, about 1.2 million shares, to Rusty and instead intends to leave them to his third wife, Barbara. There are more than a combined 39 million Class A and Class B shares outstanding in Rush Enterprises.
Rush Enterprises operates more than 100 Rush Truck Centers in 21 states. The company is valued at almost $1.3 billion.
Marvin Rush founded Rush Enterprises in 1965 and handed over the CEO reins to his son in 2006. Marvin Rush remained as chairman until 2013 when he says in court papers his son moved to have him removed. He was given the title of chairman emeritus, which Marvin Rush described as “an insufficient means of consolation.”
Go to ExpressNews.com later today or Tuesday’s Business section to read more about the dispute.
pdanner@express-news.net
Twitter: @AlamoPD
pdanner@express-news.net
Twitter: @AlamoPD
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