09.06.2016

Hertz formalises separation

Hertz Equipment Rental will become an independent publicly quoted company on June 30th and has announced its initial board of directors.

As we have previously reported Herbert Henkel will be the non-executive chairman See Chairman for Herz Equipment and James Browning the audit committee chairman. The other directors include three appointees from or associates of Carl Icahn – who forced the separation from the car business and two 3M alumni. See Icahn boosts stake in Hertz

The directors will include: Pat Campbell, former 3M chief financial officer, Michael Kelly, former 3M executive vice president – electronics and engineering, Stephen Mongillo, a private investor and past managing director of Icahn Capital, Courtney Mather, current managing director of Icahn Capital, Louis Pastor, deputy general counsel of Icahn Enterprises and, Mary Pat Salomone, former chief operating officer of Babcock & Wilcox. Chief executive Larry Silber will also be a member of the board.

John Tague,chief executive of Hertz Global Holdings said:"We have assembled an extremely capable slate of board members, led by Herb Henkel, that has a broad range of industry and general business experience. The business will begin its journey as an independent company with a strong board and an exceptional leadership team. Together, they will focus on driving improved execution, enhanced performance and creating shareholder value."

"This board has extensive executive experience with directors who have demonstrated success leading or serving in key roles at Fortune 500 companies as well as substantial board experience ," added Henkel. “Collectively, they bring significant leadership vision and insight to our business. We are fortunate to have directors who are deeply familiar with businesses similar to equipment rental, which will prove valuable in advancing our strategies in the long-term interests of our shareholders."