United Rentals CEO cuts own pay

By Patrick Hill16 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.

Latest News
From downcycling to closed- and open-loop recycling
Supplier Stadler sees more demand for waste sorting plants able to produce recyclable materials
Platform can help detect air quality on construction sites
Hark will develop a data platform for CompAir’s air quality hardware devices
Regional report: Sub-Saharan Africa
Leading rental and distribution companies discuss the region’s aerial platform market