Brian MacDonald, who stepped down as Hertz Equipment Rental Corp.’s CEO May 20, will receive his usual salary and other benefits through June 9 along with a cash severance payment of $5.06 million, the Naples News reports. MacDonald will also receive a cash payment of $3 million to replace certain equity awards he expected to receive with the spinoff of the equipment rental business.
According to a regulatory filing with the SEC, MacDonald’s separation will be treated as a “termination without cause.” MacDonald will receive an extension of company health benefits for up to two years. MacDonald reaffirmed his commitment not to compete with Hertz or solicit its employees or clients based on the terms of his employment agreement.
On May 21, Hertz Global Holdings, the parent company of HERC, said MacDonald stepped down effective immediately and that it had hired Lawrence Silber, a former Ingersoll Rand executive with 30 years in the equipment business and extensive experience in rental, as chief executive of HERC.
HERC is temporarily based in Naples, Fla, and will relocate to Estero, Fla., later this year. The company is No. 3 on the RER 100. To read the full story, click here: http://www.naplesnews.com/business/ceo-to-get-8-million-payout_65176247
