MIAMI — Neff Corp. appointed Juan Carlos Mas to the position of chief executive officer and president. Mas, a member of the Mas family that has the largest ownership share in the company, served in various roles at parent company MasTec Inc., including the position of president of its international operations.
Pete Gladis is stepping down from his role as CEO to assume the role of chief operating officer, which industry observers believe is more suited to his considerable experience in the operations area. “I believe my greatest contribution to Neff is made at the operating level,” said Gladis. “My 30 years of experience in this industry have provided me with the opportunity to work through down cycles and I look forward to assisting our region and field staff through these difficult times.”
Mas has served on the board of Neff Corp. for the past five years and is its current vice chairman. “I look forward to the challenge of leading Neff back to profitability and increasing shareholder value,” he said. Neff did not fare well in 2001 as its stock price plummeted to less than 40 cents per share, resulting in its being de-listed by the New York Stock Exchange.
In other Neff news, the company last month entered into a new revolving credit facility with a syndicate of lenders led by Fleet Capital to provide capital for its operations. The new credit facility of $200 million replaces its existing one.
Neff Rentals is No. 8 on the RER 100, with 75 locations in 16 states.