United Rentals CEO cuts own pay

Premium Content

16 January 2009

Michael Kneeland, chief executive officer of United Rentals in the US, asked for a 20% reduction in his salary. The compensation committee of the company's board approved the cut and made it effective from 1 January.

A filing with the US's Securities and Exchange Commission said of Mr Kneeland that, "...since he has asked employees to reduce costs and accept significant staff cuts, he believed that he should lead by example and share some of the economic burden through a reduction in his base salary."

United said the reduction in base salary - to $600000 (€450000) from $750000 (€560000) for 2009 -- does "not affect ancillary benefits, such as bonus targets and severance pay, which, if and to the extent any become applicable during the reduction period, would continue to reference his base salary level prior to the amendment."

Mr Kneeland informed employees in January of other cost reductions. These include a moratorium on salaried employees' merit increases and reducing the company's matching contributions to employees' retirement funds.

A Chinese OEM’s view of construction equipment today – and tomorrow
LiuGong’s Andrew Ryan believes forward-thinking OEMs must combine local execution, useful tech and a greater focus on total cost of ownership
Could Istanbul be the construction industry’s next global meeting point?
Where continents, capital and contractors converge – Komatek 2026 could play a signficant role in turning Istanbul into a vital hub for the construction industry
Southwest Industrial Rigging gets new owner and leadership team
Entering a new era but aspiring to continue Harry Baker’s legacy