James H. Browning, retired partner at international professional services firm KPMG, has been selected to join the board of directors and serve as audit committee chairman for the equipment rental business of Hertz Global Holdings Inc. following the planned separation of that business as a stand-alone, publicly traded company later this year. Hertz Equipment Rental Corporation (HERC) is one of the largest equipment rental businesses in North America, primarily serving the construction, industrial, oil, gas, entertainment and government sectors.
"With nearly 40 years of financial and accounting experience at KPMG, Jim Browning will make a great addition to the HERC board and has the right knowledge and background to establish and oversee the audit committee," said John Tague, Hertz president and chief executive officer. "We are committed to constructing a board with the right mix of industry and public company experience to assist the HERC leadership team transition in operating as a public company."
Retired from KPMG in 2009 and a partner since 1980, Browning served as Southwest area professional practice partner in the company's Houston office. He also served as an SEC reviewing partner and as partner in charge of KPMG's New Orleans audit practice. Browning is currently board chairman for RigNet Inc., a leading global provider of remote communications, and is on the board of Texas Capital Bancshares, a financial services company, where he serves as chairman of the audit committee.
Browning received a B.S. degree in Business Administration from Louisiana State University and is a Certified Public Accountant.
Larry Silber, president and chief executive officer for Hertz Equipment Rental Corporation, said, "We're delighted that Jim has agreed to join our board and chair the audit committee. His extensive and deep experience in public company matters will be extremely helpful as we commit to good corporate governance and advance the long-term interest of our shareholders."
Hertz Global Holdings filed an SEC Form 10 registration statement detailing the planned separation of its equipment rental business in December 2015 and filed an amendment of the Form 10 in February 2016. No record date has been set, though the company has said it expects the transaction to be completed by mid-2016. The separation is expected to be a tax-free event for U.S. federal income tax purposes to shareholders. The company previously announced that Herbert L. Henkel, retired chairman and chief executive officer for Ingersoll Rand, has been selected to serve as non-executive chairman for HERC, following the planned separation.