Hertz Global Holdings’ board of directors has officially approved the planned separation of its equipment rental business from its car rental business. A Form 10 registration statement is now on file with the Securities and Exchange Commission. Emerging from the transaction expected to be finalized June 30, will be a new Hertz Global Holdings Inc. encompassing the car rental business, and Herc Holdings Inc., consisting of the equipment rental business.
“This separation marks the culmination of considerable work by our leadership team over the past 12 months,” said John Tague, president and CEO of Hertz Global Holdings. “Both businesses are now well-positioned to realize their full potential.”
The board of directors for Herc Holdings was named, led by non-executive chairman Herbert Henkell, former Ingersoll-Rand CEO, and Larry Silber, president and CEO of Herc Holdings. James Browning will be audit committee chairman. Also on the board will be Pat Campbell, former 3M chief financial officer; Michael Kelly, former 3M executive vice president, electronics and engineering; Stephen Mongillo, a private investor and former managing director of Icahn Capital; Courtney Mather, managing director of Icahn Capital; Louis Pastor, deputy general counsel of Icahn Enterprises; and Mary Pat Salamone, former chief operating officer of The Babcock & Wilcox Co.
“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,” said Silber.
