10.04.2007

United Rentals CEO to retire -business may be sold

United Rentals has announced that today that “its board of directors has authorised commencement of a process to explore a broad range of strategic alternatives to maximize shareholder value, including a possible sale of the company” .

United has retained UBS Investment Bank and Credit Suisse to act as financial advisors in this process.

The company has warned shareholders that the process may not result in any transaction and says that it will make no announcements regarding any progress along the way unless the directors feel that it is necessary.

United also announced that Wayland R. Hicks, 64, will retire as chief executive officer at the next Annual General Meeting on June 4, 2007, but will continue to serve on the board as vice chairman.

His place will be taken by Michael J. Kneeland as interim chief executive officer. Kneeland was only promoted to the post of executive vice president and chief operating officer in mid March.

Hicks took over the CEO role from current chairman of United, Bradley Jacobs, in October 2003.

Jacobs, said, "We deeply appreciate Wayland's significant contributions over the past decade and the leadership he has demonstrated. We are fortunate that Wayland will continue to serve on our board and offer his insights as we take this process forward."

"We're pleased that the position of interim chief executive officer will be filled by Michael Kneeland, who has been with the company since 1998. Mike has more than 25 years of experience in the equipment rental industry and is extremely knowledgeable about our operations and markets."