Hertz Global Board Approves Car and Equipment Separation for June 30
Hertz Global Holdings’ board of directors has officially approved the planned separation of its equipment rental business from its car rental business. A Form 10 registration statement is now on file with the Securities and Exchange Commission. Emerging from the transaction expected to be finalized June 30, will be a new Hertz Global Holdings Inc. encompassing the car rental business, and Herc Holdings Inc., consisting of the equipment rental business.
“This separation marks the culmination of considerable work by our leadership team over the past 12 months,” said John Tague, president and CEO of Hertz Global Holdings. “Both businesses are now well-positioned to realize their full potential.”
The board of directors for Herc Holdings was named, led by non-executive chairman Herbert Henkell, former Ingersoll-Rand CEO, and Larry Silber, president and CEO of Herc Holdings. James Browning will be audit committee chairman. Also on the board will be Pat Campbell, former 3M chief financial officer; Michael Kelly, former 3M executive vice president, electronics and engineering; Stephen Mongillo, a private investor and former managing director of Icahn Capital; Courtney Mather, managing director of Icahn Capital; Louis Pastor, deputy general counsel of Icahn Enterprises; and Mary Pat Salamone, former chief operating officer of The Babcock & Wilcox Co.
“The collective experience and expertise of the members of our board will be tremendously valuable in advancing our business strategy and providing strong governance and oversight as we enter our new phase as an independent, publicly traded company,” said Silber.
About the Author
Michael Roth
Editor
Michael Roth has covered the equipment rental industry full time for RER since 1989 and has served as the magazine’s editor in chief since 1994. He has nearly 30 years experience as a professional journalist. Roth has visited hundreds of rental centers and industry manufacturers, written hundreds of feature stories for RER and thousands of news stories for the magazine and its electronic newsletter RER Reports. Roth has interviewed leading executives for most of the industry’s largest rental companies and manufacturers as well as hundreds of smaller independent companies. He has visited with and reported on rental companies and manufacturers in Europe, Central America and Asia as well as Mexico, Canada and the United States. Roth was co-founder of RER Reports, the industry’s first weekly newsletter, which began as a fax newsletter in 1996, and later became an online newsletter. Roth has spoken at conventions sponsored by the American Rental Association, Associated Equipment Distributors, California Rental Association and other industry events and has spoken before industry groups in several countries. He lives and works in Los Angeles when he’s not traveling to cover industry events.