United Rentals Chairman Resigns

United Rentals, Inc., Greenwich, Conn., has reported that UR co-founder Bradley Jacobs has resigned as chairman of the company's board of directors. Jacobs has served as chairman since November 1997.

“I'm grateful to the many people who contributed to the success of United Rentals over the past 10 years, and I'm confident that the company will continue to capitalize on the tremendous opportunities ahead of it,” Jacobs said. CEO Michael Kneeland also expressed thanks and appreciation to Jacobs “for his leadership over the last decade.”

The company also announced it has filed a preliminary proxy statement with the SEC relating to its merger agreement in which it will be acquired by affiliates of Cerberus Capital Management for $4 billion. The deal is expected to close in the fourth quarter.