United Rentals, Inc. announced Tuesday that its has retained UBS Investment Bank and Credit Suisse to act as financial advisors as the company considers various strategic alternatives to maximize shareholder value, including a possible sale of the company.
The company stated that they will not reveal any further developments until its board of directors has finished its evaluation or has approved a specific transaction.
United Rentals also announced that Wayland R. Hicks, 64, will retire as CEO at the annual shareholders' meeting on June 4, 2007, and will continue to serve on the board as vice chairman.
Hicks will be succeeded by Michael J. Kneeland as interim CEO. Kneeland is currently executive vice president and COO of United Rentals.
Bradley S. Jacobs, chairman of United Rentals, said, "We deeply appreciate Wayland's significant contributions over the past decade and the leadership he has demonstrated. We are fortunate that Wayland will continue to serve on our board and offer his insights as we take this process forward."
Mr. Jacobs added, "We're pleased that the position of interim chief executive officer will be filled by Michael Kneeland, who has been with the company since 1998. Mike has more than 25 years of experience in the equipment rental industry and is extremely knowledgeable about our operations and markets."
United Rentals, Inc., an equipment rental company headquartered in Greenwich, Conn., has approximately 700 rental locations and 12,000 employees in 48 states, 10 Canadian provinces and Mexico.