United Rentals, Inc., Greenwich, Conn., announced today its board of directors has authorized commencement of a process to explore strategic alternatives to maximize shareholder value. One alternative includes a possible sale of the company.
United Rentals said there can be no assurance that the exploration of alternatives will result in a transaction, and the company does not expect to disclose further developments regarding the process unless and until its board of directors has completed its evaluation or approved a specific transaction. United Rentals has retained UBS Investment Bank and Credit Suisse to act as financial advisors in this process.
The company also announced that Wayland R. Hicks will retire as chief executive officer, effective at the annual shareholders' meeting on June 4, 2007. He will continue to serve on the board as vice chairman.
"We deeply appreciate Wayland's significant contributions over the past decade and the leadership he has demonstrated,” said Chairman Bradley S. Jacobs. “We are fortunate that Wayland will continue to serve on our board and offer his insights as we take this process forward."
Hicks will be succeeded by Michael J. Kneeland as interim chief executive officer, who currently serves as executive vice president and chief operating officer of United Rentals. Kneeland has been with United Rentals since 1998 and has more than 25 years of experience in the equipment rental industry.
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