HERC names new CEO
02 June 2014
Brian MacDonald has been named chief executive officer of Hertz Equipment Rental Corp., replacing current president Lois Boyd, who is retiring. The announcement comes months before HERC transitions into a publicly traded company following its spin-off from Hertz, which is expected to conclude in 2015.
MacDonald was formerly chairman, president and CEO of Sunoco Inc.
“Brian MacDonald brings exceptional, executive-level experience in successfully leading major corporations through periods of significant growth and change,” said Mark Frissora, Hertz chairman and CEO. “This record, combined with his financial acumen as well as his operational and international expertise, makes him the ideal successor to lead HERC through its next phase of growth and development as a stand-alone, publicly traded company.”
Boyd, who has been with Hertz since 2007, informed HERC of her decision to retire after a 41-year career, although she has agreed to continue with HERC in an advisory capacity.
“Throughout her seven-year career with Hertz, Lois Boyd has demonstrated strong leadership and an enduring commitment to our company and mission,” added Frissora. “Under her stewardship since 2011, HERC has delivered three consecutive years of revenue and earnings growth, and margin improvements. She had an equally strong record leading Advantage Rent-a-Car, a value brand previously owned by Hertz, and our companywide cost management programs, which have generated over $3 billion of savings since 2007.”
“I am delighted to join Hertz Equipment Rental Corporation at this exciting time in the company’s 49-year history,” said MacDonald. “I look forward to working with HERC’s management and talented employees.”
MacDonald joined Sunoco in 2009 as senior vice president and chief financial officer. Prior to joining Sunoco, MacDonald worked at Dell Inc. as chief financial officer of the Large Enterprise Business Unit, MacDonald also led Dell’s mergers and acquisitions organization and headed the company’s global treasury group.
As for the separation of HERC from the car rental businesses, it is planned in the form of a tax-free spin-off to Hertz shareholders. Hertz said proceeds of the transaction will be approximately $2.5 billion, with the funds used to pay down Hertz debt and support a newly approved $1 billion share repurchase program.
