Former Ingersoll-Rand chairman and CEO Herbert Henkel was named non-executive chairman for the equipment rental business of Hertz Global Holdings as part of ongoing preparations for its planned separation as a stand-alone, publicly traded company later this year. Hertz Equipment Rental Corp. is the third largest equipment rental business in North America.
Henkel was Ingersoll-Rand’s CEO from 1999 until he retired in February 2010, and he served as chairman of the board from 2000 until June 2010. Henkel has extensive public company board member experience and is currently a director for 3M, where he serves as chairman of the audit committee, as well as The Allstate Corp. and C.R. Bard Inc. Henkel served as lead director on C.R. Bard’s board from 2012 through May 2015 and currently is chairman of the compensation committee. He previously was a director at AT&T Corp., Visteon Corp. and Pitney Bowes.
“Herb Henkel has had a long and distinguished career in the equipment business,” said John Tague, Hertz president and CEO. “His experience, insight and guidance will be invaluable to HERC as it continues to transform its business. As a result of his executive roles and prior board positions at several Fortune 500 corporations, Herb will provide board strategic oversight as board chairman as well as a deep understanding of board responsibilities and a focus on creating shareholder value. His commitment is an important first step in assembling a board of directors for this new company and is another significant milestone in our effecting HERC’s separation.”
Henkel also held leadership roles at Textron, including president and chief operating officer.
“Herb Henkel’s experience and perspective will be enormously valuable as we emerge as an independent public company,” said HERC president and CEO Larry Silber. “We look forward to working with Herb as we continue advancing initiatives to enhance customer service, expand and diversify our revenues, and improve operating efficiencies to generate value for our shareholders.”
Hertz expects the separation of HERC from Hertz to be completed by mid-2016. HERC plans to be known as Herc Rentals following its separation from Hertz.
HERC’s 2015 total revenues were $1.5 billion with adjusted corporate EBITDA of $610 million.