Summary
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.
Key Highlights
- 1William B. Plummer appointed Executive Vice President and Chief Financial Officer, effective December 1, 2008.
- 2Martin E. Welch III to step down as CFO on December 1, 2008, and will stay for a transition period until March 31, 2009.
- 3Plummer's background includes significant financial leadership roles at Dow Jones & Company and Alcoa Inc.
- 4Plummer's compensation package includes a base salary of $475,000 and eligibility for annual bonuses.
- 5Plummer will be granted 40,000 Restricted Stock Units (RSUs) with staggered vesting dates.
- 6Employment 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.
- 7Details of Welch's transition package include continued salary, specific severance benefits, and potential pro-rata vesting of RSUs and bonus eligibility.