ESTERO, Fla., March 24, 2016 /PRNewswire/ -- Herbert L.
Henkel, retired chairman and chief executive officer for
Ingersoll Rand, has been selected to
serve as non-executive chairman for the equipment rental business
of Hertz Global Holdings, Inc., (NYSE: HTZ) as part of
preparations for the planned separation of that business as a
stand-alone, publicly traded company later this year. Hertz
Equipment Rental Corporation (HERC) is one of the largest equipment
rental businesses in North
America, primarily serving the construction, industrial,
oil, gas, entertainment and government sectors.
"Herb Henkel has had a long and
distinguished career in the equipment business. His experience,
insight and guidance will be invaluable to HERC as it continues to
transform its business," said John
Tague, Hertz president and chief executive officer. "As a
result of his executive roles and prior board positions at several
Fortune 500 corporations, Herb will provide broad 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 was Ingersoll Rand's chief
executive officer from 1999 until his retirement in February 2010, and he served as the company's
board chairman 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, The Allstate Corporation and C.R.
Bard, Inc. He served as lead director on C.R. Bard's board
from 2012 through May 2015 and
presently serves as chairman of the compensation committee.
Previously, Henkel held director positions at AT&T Corp.,
Visteon Corporation, and Pitney Bowes Inc.
In addition to executive positions with Ingersoll Rand, Henkel held several leadership
roles at Textron, Inc., including president and chief operating
officer.
"I am excited for the opportunity to participate in the creation
of a new public company and work with the new management team at
HERC," Henkel said. "I look forward to contributing to its success
as a public company and building value for shareholders."
Larry Silber, president and chief
executive officer for Hertz Equipment Rental Corporation, said,
"Herb Henkel's experience and
perspective will be enormously valuable as we emerge as an
independent public company. 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 Global Holdings filed an SEC Form 10 registration
statement detailing the planned separation of its equipment rental
business in December 2015 and has
since filed a supplemental amendment in February 2016. No
record date has been set, though the company has said it expects
the transaction to be completed by mid-2016. The separation is
expected to be a tax-free event for U.S. federal income tax
purposes to shareholders.
Founded in 1965, HERC, which plans to be known as Herc Rentals
following its separation, is one of the leading equipment rental
suppliers in North America with
approximately 280 company-operated branches, of which approximately
270 are in the United States and
Canada. HERC is a full-line equipment-rental supplier in key
markets, including commercial and residential construction,
industrial and manufacturing, refineries and petrochemicals, civil
infrastructure, automotive, government and municipalities, energy,
remediation, emergency response, facilities, entertainment and
agriculture. The equipment rental business is supported by
industry-specific expertise and solutions-based services aimed at
helping customers work more efficiently, effective and
safely. HERC also operates in the United Kingdom and China and through joint venture arrangements
in Saudi Arabia and Qatar and through franchisees in nine
countries in Europe, the
Middle East, in Latin America and Asia. HERC's 2015
total revenues were $1.5 billion with
adjusted corporate EBITDA of $610
million. The company has 4,000 employees. For
more information on HERC and its products and services, visit:
www.hertzequip.com.
About Hertz Global
Hertz Global Holdings operates the Hertz, Dollar, Thrifty and
Firefly car rental brands in approximately 9,980 corporate and
licensee locations throughout approximately 150 countries in
North America, Europe, Latin
America, Asia, Australia, Africa, the Middle
East and New Zealand. Hertz
Global Holdings is the largest worldwide airport general use car
rental company with approximately 1,635 airport locations in the
U.S. and more than 1,320 airport locations internationally. Product
and service initiatives such as Hertz Gold Plus Rewards,
NeverLostĀ®, Carfirmations, Mobile Wi-Fi and unique vehicles offered
through the Adrenaline, Dream, Green and Prestige Collections set
Hertz Global Holdings apart from the competition. Additionally,
Hertz Global Holdings owns the vehicle leasing and fleet management
leader Donlen Corporation, operates the Hertz 24/7 hourly car
rental business in international markets and sells vehicles through
its Rent2Buy program. The Company also owns Hertz Equipment Rental
Corporation ("HERC"), one of the largest equipment rental
businesses with more than 280 locations worldwide offering a
diverse line of equipment and tools for rent and sale. HERC
primarily serves the construction, industrial, oil, gas,
entertainment and government sectors. For more information about
Hertz Global Holdings, visit: www.hertz.com.
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SOURCE Hertz Global Holdings