Veteran Construction Equipment Executive Larry Silber Takes Over at HERC
Hertz Equipment Rental Corp. has named Lawrence (Larry) Silber president and CEO of Hertz Equipment Rental Corp., replacing Brian MacDonald, who has stepped down, effective immediately. Silber, a long-time veteran of the construction equipment industry, is best known for his years with Ingersoll Rand, where he spearheaded the company’s involvement in the equipment rental industry on a global level.
Silber began his career in sales and took on his first P & L responsibility as general manager of the Material Handling Division of Ingersoll Rand in 1994. Later, he reenergized Ingersoll Rand's focus on equipment sales to the rental industry sector and ran its company store network, including establishing a remarketing and remanufacturing business unit for used equipment. In his last role at Ingersoll Rand, Silber was president of the Utility Equipment Group, later leading the divestiture and transition of this and other related businesses for the company. He also was the chairman and CEO of Ingersoll Rand Canada.
"HERC is one of the world's leading equipment rental businesses, and we are confident that Larry's leadership and experience, as well as his reputation as a great operator, will reenergize HERC's performance on the top line and importantly in dollar value utilization, which is a key performance driver for this industry," said John Tague, Hertz Corp. president and CEO. "Given his deep set of experiences in the heavy equipment sector, we are excited to have Larry Silber lead HERC's business transformation, while also helping us navigate through the HERC separation process.”
Hertz formally stated a week ago that it is still committed to the separation of Hertz’ equipment rental business from Hertz Corp. as a separate independent public company, however no timetable has been announced.
"It's an honor to join the Hertz team at this critical time in HERC's history as it prepares for a future as an independent company,” said Silber. “I have long been associated with HERC and am excited to be joining the premier global equipment rental company. We will position HERC for stronger, more diversified growth with the most efficient cost structure possible. HERC's customers and investors should be confident that the company will be a long-term competitive and reliable force in the market."
Since leaving Ingersoll-Rand in 2008, Silber Hayward Industries, a leading swimming pool equipment manufacturer as chief operating officer from 2008 – 2012, overseeing a successful transition through the recession returning the company to solid profitability. He has served since 2014 as an executive advisor at Court Square Capital Partners, LLP. He has also served as a Board Member of SMTC Corp. since 2013 and for a time served as its interim President and CEO. He serves on the Board of Directors of Pike Corporation Inc.
Hertz Equipment Rental Corp. is No. 3 on the RER 100.
