Former Ingersoll Rand executive Larry Silber is the new president and CEO of Hertz Equipment Rental Corporation (HERC), replacing Brian MacDonald who has stepped down with immediate effect.
The news follows last week’s financial update in which the company repeated its previously stated intention to separate its equipment rental business after a flat first quarter.
John Tague, president and CEO of Hertz Group Holdings, said: “Given his experience in the heavy equipment sector, we are excited to have Larry Silber lead HERC’s business transformation, while also helping us navigate through the separation process.
“HERC is one of the world’s leading equipment rental businesses. We are confident that Larry’s leadership and experience, as well as his reputation as a great operator, will reenergize HERC’s performance on the topline and importantly in dollar value utilisation, which is a key performance driver for this industry.”
Larry Silber began his career in sales became general manager of the Material Handling Division of Ingersoll Rand in 1994, going on to reenergise its focus on equipment sales to the rental industry sector and running its company store network.
Later, he was president of the Utility Equipment Group, as well as being chairman and CEO of Ingersoll Rand Canada.
Since 2014 he has been an executive advisor at Court Square Capital Partners, and has also served as a board member of SMTC Corporation.
Mr Silber said: “It’s an honour to join the Hertz team at this critical time in HERC’s history as it prepares for a future as an independent company.
“I am excited to be joining the premier global equipment rental company. We will position HERC for stronger, more diversified growth with the most efficient cost structure possible.
“Customers and investors should be confident that the company will be a long-term competitive and reliable force in the market.”