United Rentals 8-K 2007
SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO SECTION 13 OR 15(d) OF THE
Date of Report (Date of earliest event reported): April 9, 2007
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
In connection with Wayland R. Hicks' decision to retire as Chief Executive Officer of United Rentals, Inc. (the Company), the Company has entered into an agreement with Mr. Hicks with respect to such retirement as described under Item 5.02 below.
On April 9, 2007, Wayland R. Hicks elected to retire as Chief Executive Officer of United Rentals, Inc. The retirement will be effective immediately following the conclusion of the Companys 2007 Annual Meeting of Stockholders, which is currently scheduled for June 4, 2007.
In connection with Mr. Hicks decision to retire as Chief Executive Officer, the Company has entered into an agreement with Mr. Hicks, dated April 10, 2007, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference. The material terms of such agreement (i) provide that following Mr. Hicks retirement he shall continue to serve as the Vice Chairman of the Companys Board of Directors, in accordance with the Companys By-laws, and (ii) confirm that the compensation terms already applicable in the event of retirement under Mr. Hicks current employment agreement and outstanding equity awards shall apply to Mr. Hicks decision.
Also on April 9, 2007, the Board of Directors of the Company appointed Michael J. Kneeland as interim Chief Executive Officer, effective upon Mr. Hicks retirement becoming effective. Mr. Kneeland, age 53, has served as the Companys Executive Vice President and Chief Operating Officer since March 2007, and prior to that served as the Companys Executive Vice PresidentOperations since September 2003. Mr. Kneeland joined the Company as district manager in 1998 and was subsequently named Vice PresidentAerial Operations, and then Vice PresidentSoutheast Region. Mr. Kneeland has more than 25 years of experience in the equipment rental industry.
In connection with the foregoing the Company issued a press release which is attached as Exhibit 99.1 hereto.
On April 10, 2007, the Company issued a press release announcing (i) that the Companys Board of Directors has authorized the exploration of a broad range of strategic alternatives to maximize shareholder value and (ii) the retirement of Wayland R. Hicks as Chief Executive Officer of the Company, effective immediately following the conclusion of the Companys 2007 Annual Meeting of Stockholders, and the appointment of Michael J. Kneeland as interim Chief Executive Officer, effective upon Mr. Hicks retirement becoming effective.
A copy of this press release has been furnished herewith as Exhibit 99.1 and is incorporated herein by reference. Such information is furnished pursuant to Item 7.01 of Form 8-K. Consequently, it is not deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section. It may only be incorporated by reference in another filing under the Exchange Act or Securities Act of 1933 if such subsequent filing specifically references this Form 8-K.
Item 9.01. Financial Statements and Exhibits.
Pursuant to the requirements of the Securities Exchange Act of 1934, each Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.