01—Abstract
Summary
Summary of the 8-K filed November 25, 2008. Cited figures are marked; the original filing is the authoritative source.
United Rentals, Inc. (URI) has announced a significant change in its executive leadership with the appointment of William B.
Plummer as Executive Vice President and Chief Financial Officer, effective December 1, 2008. Mr. Plummer brings extensive financial experience from his previous roles at Dow Jones & Company and Alcoa Inc., where he was responsible for global finance, corporate strategy, and treasury functions. This appointment comes as Martin E.
Welch III steps down from the CFO position, remaining with the company for a transition period through March 31, 2009, to assist with year-end closing. The company has also outlined the terms of Mr. Plummer's employment agreement, including his base salary, bonus structure, and equity awards in the form of Restricted Stock Units (RSUs), along with severance and change-in-control provisions.
02—Key points
Key Highlights
- William B. Plummer appointed Executive Vice President and Chief Financial Officer, effective December 1, 2008.
- Martin E. Welch III to step down as CFO on December 1, 2008, and will stay for a transition period until March 31, 2009.
- Plummer's background includes significant financial leadership roles at Dow Jones & Company and Alcoa Inc.
- Plummer's compensation package includes a base salary of $475,000 and eligibility for annual bonuses.
- Plummer will be granted 40,000 Restricted Stock Units (RSUs) with staggered vesting dates.
- Employment agreement includes severance provisions for termination without Cause or resignation for Good Reason, as well as terms for death, disability, and change in control events.
- Details of Welch's transition package include continued salary, specific severance benefits, and potential pro-rata vesting of RSUs and bonus eligibility.
03—Questions
Frequently Asked Questions
Who is the new Chief Financial Officer for United Rentals?
William B. Plummer has been appointed as the new Executive Vice President and Chief Financial Officer, effective December 1, 2008.
What is the compensation structure for the new CFO, William B. Plummer?
Mr. Plummer will receive a base salary of $475,000 annually. He is also eligible for an annual cash incentive bonus starting in 2009, with a target of 80% of his base salary and a maximum of 125%. Additionally, he will be granted 40,000 Restricted Stock Units (RSUs).
What happens to the previous CFO, Martin E. Welch III?
Martin E. Welch III will step down as CFO on December 1, 2008, but will remain with the company to assist with the 2008 year-end closing and provide transition support. His transition period is expected to last until March 31, 2009, and his package includes continued salary and severance benefits.
What are the key terms regarding severance and termination for William B. Plummer?
If Mr. Plummer's employment is terminated by the Company without Cause or by him for Good Reason, he is entitled to severance equal to 180% of his base salary over one year, plus COBRA premium payments for up to 12 months. Provisions are also in place for termination due to death or disability, and upon a Change in Control event.
04—Continue