Hertz Global Holdings Inc. announced that Lawrence (Larry) H. Silber has been appointed president and CEO of Hertz Equipment Rental Corporation (HERC), replacing Brian MacDonald, who has stepped down, effective immediately. On May 14, 2015, the Company reiterated its intention to separate the equipment and car rental businesses into two publicly traded companies.
John Tague, Hertz president and chief executive officer, said, "HERC is one of the world's leading equipment rental businesses, and 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 utilization, which is a key performance driver for this industry."
Silber began his career in sales and took on his first P & L responsibility as GM of the Material Handling Division of Ingersoll Rand in 1994. Later, he reenergized Ingersoll Rand's focus on equipment sales to the rental industry sector and ran its company store network, including establishing a remarketing and remanufacturing business unit for used equipment. In his last role at Ingersoll Rand, Silber was president of the Utility Equipment Group, later leading the divestiture and transition of this and other related businesses for the company. He also was the chairman and CEO of Ingersoll Rand Canada Inc.
"Given his deep set of experiences in the heavy equipment sector, we are excited to have Larry Silber lead HERC's business transformation, while also helping us navigate through the HERC separation process," said Mr. Tague.
Silber said, "It's an honor to join the Hertz team at this critical time in HERC's history as it prepares for a future as an independent company. I have long been associated with HERC and 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. HERC's customers and investors should be confident that the company will be a long-term competitive and reliable force in the market."