United Rentals for sale?

25 March 2008

US rental giant United Rentals is exploring a “…broad range of strategic alternatives…including a possible sale, ” in order to maximize shareholder value. The company has retained financial advisors and will not disclose further information until its board has “completed its evaluation or approved a specific transaction”.

The 10 April announcement also reported the June 4 retirement of CEO Wayland Hicks, who will continue as vice chairman of the board. Michael Kneeland, currently executive vice president and chief operating officer, will succeed Mr Hicks as interim CEO.

Bradley S. Jacobs, chairman of United Rentals, said, "We deeply appreciate Wayland's significant contributions over the past decade and the leadership he has demonstrated."

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