HSS Hire Chief Executive Resigns After Disappointing Results

Sept. 27, 2015
Chris Davies, chief executive of U.K. rental chain HSS Hire, has resigned after a nine year stint as the equipment rental firm recently lost 70 percent of its value on the stock market since it listed in February.

Chris Davies, chief executive of U.K. rental chain HSS Hire, has resigned after a nine year stint as the equipment rental firm recently lost 70 percent of its value on the stock market since it listed in February. Davies will be replaced by current chief operating officer John Gill.

Davies will remain with HSS Hire until the end of 2015 for a transition period.

HSS has blamed its poor performance on a more erratic and slower-than-expected recovery in the repair, maintenance and improvement, and housing markets.

Davies will stay with the company until the end of the year for a handover period before leaving with a payout of 38 weeks' salary plus benefits worth up to £307,608 (almost U.K. $470,000). He will not receive an annual bonus.

HSS is one of the largest tool and equipment rental companies in the U.K.