ESTERO, Fla., June 6, 2016 /PRNewswire/ -- Hertz Global
Holdings, Inc. (NYSE: HTZ) has named members of the board of
directors expected to be installed for its equipment rental
business following the planned separation of that business as a
stand-alone, publicly traded company to be known as Herc Holdings
Inc., which is expected to occur at the close of business on
June 30, 2016.
In addition to previously announced non-executive chairman
Herbert Henkel and audit committee
chair James Browning, the following
are expected to be appointed as members of the equipment rental
businesses' board of directors immediately upon separation:
Pat Campbell, former 3M chief
financial officer; Michael Kelly,
former 3M executive vice president – electronics and engineering;
Stephen Mongillo, a private
investor; Courtney Mather, managing
director, Icahn Capital LP; Louis
Pastor, deputy general counsel of Icahn Enterprises; and,
Mary Pat Salomone, former chief
operating officer of The Babcock & Wilcox Company. Hertz
Equipment Rental Corporation President and Chief Executive Officer
Larry Silber will also be a member
of the board.
"We have assembled an extremely capable slate of board members,
led by non-executive chairman Herb
Henkel, that has a broad range of industry and general
business experience," said John
Tague, Hertz Global Holdings president and chief executive
officer. "The new Herc Holdings 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 ,"
said Herbert Henkel, incoming
non-executive chairman for Herc Holdings. "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."
Mr. 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. He 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, Mr.
Henkel held director positions at AT&T Corp., Visteon
Corporation, and Pitney Bowes Inc.
In addition to executive positions with Ingersoll Rand, Mr. Henkel held several
leadership roles at Textron, Inc., including president and chief
operating officer.
Mr. Browning retired from KPMG in 2009 after serving as a
partner since 1980. He was the Southwest area professional practice
partner in KPMG's Houston office.
He also served as an SEC reviewing partner and as partner in
charge of KPMG's New Orleans audit
practice. Mr. Browning is currently board chairman for
RigNet, Inc., a leading global provider of remote communications,
and is on the board of Texas Capital Bancshares, where he serves as
chairman of the audit committee.
Mr. Campbell retired from 3M in 2011 after nine years as chief
financial officer and has more than 35 years of corporate finance
experience, including 26 years with General Motors. At 3M,
Mr. Campbell oversaw 3M's traditional finance functions and also
had responsibility for mergers and acquisitions and Information
Technology. Mr. Campbell serves on the boards of
Stanley Black & Decker, Inc. and
SPX Flow Corporation.
Mr. Kelly retired as executive vice president – electronics and
engineering at 3M in 2015 after more than 30 years with the
company. He served in a number of management positions in the
U.S. and internationally and, during the last 10 years, was a
member of 3M's operations committee. Mr. Kelly serves on the board
of directors for Mettler-Toledo International, Inc.
Mr. Mongillo is a private investor and is on the board of CVR
Energy, Inc., where he serves as head of the audit committee. Mr.
Mongillo was a managing director of Icahn Capital, LP from 2008 to
2011 and spent 10 years at Bear Sterns & Co., most recently as
senior managing director.
Mr. Mather is a managing director for Icahn Capital LP, a
position he has held since April 2014. Prior to joining Icahn
Capital, he was a managing director at Goldman Sachs & Co. Mr.
Mather currently serves as a member of the board of directors for
Freeport-McMoRan, Inc., Federal-Mogul Holdings Corporation, Ferrous
Resources Limited, Viskase Companies, Inc., American Railcar
Industries, CVR Refining, LP and CVR Energy, Inc.
Mr. Pastor is deputy general counsel for Icahn Enterprises,
which he joined in 2013. Prior to joining Icahn Enterprises,
he was an associate at Simpson Thatcher & Bartlett LLP, where
he advised on corporate finance transactions, mergers and
acquisitions and general corporate matters. Mr. Pastor is a member
of the board of directors of Federal-Mogul Holdings Corporation and
CVR Refining, LP.
Ms. Salomone is the former senior vice president and chief
operating officer of The Babcock & Wilcox Company, where she
served in a number of roles from 1982 until her retirement in
2013. Ms. Salomone currently serves as a director on the
boards of TransCanada Corporation and Intertape Polymer
Group. She also is a member of the board of trustees for
Youngstown State University.
Mr. Silber was named chief executive officer of Hertz Equipment
Rental Corporation in May 2015. Previously, he was an
executive advisor at Court Square Capital Partners, LLP, and also
served as a member of the board of directors of SMTC Corporation
since 2013 and, for a time, served as its interim president and
CEO. Mr. Silber led Hayward Industries, the world's largest
swimming pool equipment manufacturer as chief operating officer
from 2008 to 2012, overseeing a successful transition through the
recession and returning the company to solid profitability.
From 1978 to 2008, Mr. Silber worked for Ingersoll Rand in a number of roles of
increasing responsibility. He serves on the board of
directors of Pike Corporation, Inc.
"I am pleased to be joined on the Herc Holdings board by such an
esteemed group of seasoned business executives," said Silber.
"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."
About Herc Holdings
Founded in 1965, Herc Holdings Inc., which will operate through
its Herc Rentals Inc. subsidiary following the 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 Holdings 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 by ProSolutions™, our
industry-specific solutions-based services, and our ProContractor
Tools™ line, both aimed at helping customers work more
efficiently, effectively and safely. Herc Holdings' 2015
total revenues as reported in the recently filed Information
Statement, were nearly $1.7 billion.
After the spin-off, the company will have approximately 4,600
employees. For more information on Herc Holdings 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,
NeverLost®, 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. 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; changes to our senior management team; our ability to
remediate the material weaknesses in our internal controls over
financial reporting; levels of travel demand, particularly with
respect to airline passenger traffic in the United States and in global markets;
significant changes in the competitive environment, including as a
result of industry consolidation, and the effect of competition in
our markets on rental volume and pricing, including on our pricing
policies or use of incentives; an increase in our fleet costs as a
result of an increase in the cost of new vehicles and/or a decrease
in the price at which we dispose of used vehicles either in the
used vehicle market or under repurchase or guaranteed depreciation
programs; occurrences that disrupt rental activity during our peak
periods; our ability to achieve and maintain cost savings and
efficiencies and realize opportunities to increase productivity and
profitability; our ability to accurately estimate future levels of
rental activity and adjust the size and mix of our fleet
accordingly; our ability to maintain sufficient liquidity and the
availability to us of additional or continued sources of financing
for our revenue earning equipment and to refinance our existing
indebtedness; our ability to realize the operational efficiencies
of the acquisition of Dollar Thrifty Automotive Group, Inc.; our
ability to maintain access to third-party distribution channels,
including current or favorable prices, commission structures and
transaction volumes; an increase in our fleet costs or disruption
to our rental activity, particularly during our peak periods, due
to safety recalls by the manufacturers of our vehicles and
equipment; a major disruption in our communication or centralized
information networks; financial instability of the manufacturers of
our vehicles and equipment, which could impact their ability to
perform under agreements with us and/or their willingness or
ability to make cars available to us or the rental car industry on
commercially reasonable terms; any impact on us from the actions of
our franchisees, dealers and independent contractors; our ability
to maintain profitability during adverse economic cycles and
unfavorable external events (including war, terrorist acts, natural
disasters and epidemic disease); shortages of fuel and increases or
volatility in fuel costs; our ability to successfully integrate
acquisitions and complete dispositions; our ability to maintain
favorable brand recognition; costs and risks associated with
litigation and investigations; risks related to our indebtedness,
including our substantial amount of debt, our ability to incur
substantially more debt and increases in interest rates or in our
borrowing margins; our ability to meet the financial and other
covenants contained in our Senior Credit Facilities, our
outstanding unsecured Senior Notes and certain asset-backed and
asset-based arrangements; our ability to successfully outsource a
significant portion of our information technology services or other
activities; changes in accounting principles, or their application
or interpretation, and our ability to make accurate estimates and
the assumptions underlying the estimates, which could have an
effect on earnings; changes in the existing, or the adoption of new
laws, regulations, policies or other activities of governments,
agencies and similar organizations where such actions may affect
our operations, the cost thereof or applicable tax rates; the
effect of tangible and intangible asset impairment charges; our
exposure to uninsured claims in excess of historical levels;
fluctuations in interest rates and commodity prices; and our
exposure to fluctuations in foreign exchange rates.
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.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/board-of-directors-for-herc-holdings-inc-set-following-separation-from-hertz-rental-car-business-300279982.html
SOURCE Hertz Global Holdings, Inc.