Herbert L. Henkel, who is the retired chairman and CEO of Ingersoll Rand, was selected to serve as non-executive chairman of Hertz Equipment Rental, which is planning to separate into a stand-alone, publicly traded company later this year.
“Herb Henkel has had a long and distinguished career in the equipment business. His experience, insight and guidance will be invaluable to HERC as it continues to transform its business,” said John Tague, Hertz president and CEO. “As a result of his executive roles and prior board positions at several Fortune 500 corporations, Herb will provide broad strategic oversight as board chairman as well as a deep understanding of board responsibilities and a focus on creating shareholder value. His commitment is an important first step in assembling a board of directors for this new company and is another significant milestone in our effecting HERC’s separation.”
Henkel was Ingersoll Rand’s CEO from 1999 until his retirement in February 2010. He also served as the company’s board chairman from 2000 until June 2010. Henkel has public company board member experience and is currently a director for 3M, where he serves as chairman of the audit committee, The Allstate Corporation and C.R. Bard. He served as lead director on C.R. Bard’s board from 2012 through May 2015 and presently serves as chairman of the compensation committee. Previously, Henkel held director positions at AT&T, Visteon Corporatio, and Pitney Bowes.
In addition to executive positions with Ingersoll Rand, Henkel held several leadership roles at Textron, including president and chief operating officer.
“I am excited for the opportunity to participate in the creation of a new public company and work with the new management team at HERC,” Henkel said. “I look forward to contributing to its success as a public company and building value for shareholders.”
Hertz Global Holdings filed an SEC Form 10 registration statement detailing the planned separation of its equipment rental business in December 2015 and has since filed a supplemental amendment 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.
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