MIAMI - Hoping to chart a new direction after months of controversy, Neff Corp. last month promoteded Pete Gladis to president and CEO, replacing embattled Kevin Fitzgerald, who resigned after a buyout bid he led failed.
"Our management team has had its share of distractions to deal with over the past year, but we are intact and excited about our prospects," Gladis told RER. "We are using this situation to get back on track with what we do best, which is renting equipment."
Fitzgerald's exit officially kills the buyout he proposed with 24 percent equity shareholder GE Capital, which is now considering another offer through a third party, according to sources.
"The special board that was put together to review the proposal submitted by GE and Fitzgerald is still intact, and GE may look at other possibilities, but that doesn't mean something is going to happen," Gladis said. "I am not aware of any present offers on the table. It doesn't mean there won't be, [but] we are not going to actively pursue the sale of the company.
"We are in process of assessing our first-half results and solidifying our plans for the balance of the year and beyond," said Gladis, who has more than 28 years of rental experience, including 20 years at Hertz Corp. He added the company has four greenfields in the works but was not considering any acquisitions. "With renewed focus, we are expecting a strong second-half performance."
Gladis joined Neff as senior vice president in 1996 and is considered the primary architect of its transformation from an eight-location Florida equipment dealer into a national rental network.
Fitzgerald, an investment banker before taking the helm of Neff in 1995, will "pursue other endeavors," according to the company. He was unavailable for comment.
