Joe Phelan Out as Sunbelt CEO

Geoff Drabble, chief executive at Ashtead Group Plc., informed employees in a company memo that Sunbelt Rentals has seen improvements in equipment rentals, and the company has greater confidence that it will return to historical levels of business. To meet upcoming challenges and opportunities, Drabble has reportedly replaced Joe Phelan, CEO of Sunbelt Rentals, with Brendan Horgan, who is chief operating officer at the company.

"Joe brought experience and stability during a difficult economic environment, and has laid structure that will support the business going forward," Drabble wrote. "I thank Joe for those efforts and wish him the best for the future." He noted that Horgan has a deep knowledge of the business and the industry.