ESTERO, Fla., April 5, 2016 /PRNewswire/ -- James H.
Browning, retired partner at international professional services
firm KPMG, has been selected to join the board of directors and
serve as audit committee chairman for the equipment rental business
of Hertz Global Holdings, Inc. (NYSE: HTZ) following 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.
"With nearly 40 years of financial and accounting experience at
KPMG, Jim Browning will make a great
addition to the HERC board and has the right knowledge and
background to establish and oversee the audit committee," said
John Tague, Hertz president and
chief executive officer. "We are committed to constructing a board
with the right mix of industry and public company experience to
assist the HERC leadership team transition in operating as a public
company."
Retired from KPMG in 2009 and a partner since 1980, Browning
served as Southwest area professional practice partner in the
company's Houston office. He
also served as an SEC reviewing partner and as partner in charge of
KPMG's New Orleans audit
practice. Browning is currently board chairman for RigNet,
Inc., a leading global provider of remote communications, and is on
the board of Texas Capital Bancshares, a financial services
company, where he serves as chairman of the audit
committee.
Mr. Browning received a B.S. degree in Business Administration
from Louisiana State University and is
a Certified Public Accountant.
Larry Silber, president and chief
executive officer for Hertz Equipment Rental Corporation, said,
"We're delighted that Jim has agreed to join our board and chair
the audit committee. His extensive and deep experience in
public company matters will be extremely helpful as we commit to
good corporate governance and advance the long-term interest of 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 filed
an amendment of the Form 10 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. The company previously announced that Herbert L. Henkel, retired chairman and chief
executive officer for Ingersoll
Rand, has been selected to serve as non-executive chairman
for HERC, following the planned separation.
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, Latin America and Asia. HERC's 2015 total revenues
were $1.5 billion with adjusted
corporate EBITDA of $610
million. The company has approximately 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.
Cautionary Note Concerning Forward-Looking Statements
Certain statements contained in this release include
"forward-looking statements." These statements often include words
such as "believe," "expect," "project," "potential," "anticipate,"
"intend," "plan," "estimate," "seek," "will," "may," "would,"
"should," "could," "forecasts" or similar expressions. These
statements are based on certain assumptions that Hertz Global
Holdings has made in light of its experience in the industry as
well as its perceptions of historical trends, current conditions,
expected future developments and other factors it believes are
appropriate in these circumstances. Hertz Global Holdings believes
these judgments are reasonable, but you should understand that
these statements are not guarantees of performance or results, and
actual results could differ materially from those expressed in the
forward-looking statements due to a variety of important factors,
both positive and negative, that may be revised or supplemented in
subsequent reports on Forms 10-K, 10-Q and 8-K. Among other items,
such factors could include: the effect of our proposed separation
of our equipment rental business and ability to obtain the expected
benefits of any related transaction; our ability to complete the
proposed separation within the expected timeframe; and changes to
our senior management team.
Additional information concerning these and other factors can be
found in our filings with the Securities and Exchange Commission,
including our most recent Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K.
You should not place undue reliance on forward-looking
statements. All forward-looking statements attributable to Hertz
Global Holdings or persons acting on its behalf are expressly
qualified in their entirety by the foregoing cautionary statements.
All such statements speak only as of the date made, and Hertz
Global Holdings undertakes no obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise.
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SOURCE Hertz Global Holdings, Inc.