Summary
This 8-K filing by United Rentals, Inc. (URI) primarily announces changes to its Board of Directors. Wayland R. Hicks has resigned from his director position, effective March 1, 2009. In his place, the company has elected three new directors: José B. Alvarez, Bobby J. Griffin, and Filippo Passerini. These appointments are effective immediately as of January 16, 2009. The new directors will receive a compensation package including annual retainer fees, meeting attendance fees, and equity grants in the form of Restricted Stock Units (RSUs). They will also be eligible for the company's medical benefits program and deferred compensation plan for directors. This board refreshment indicates a strategic move by United Rentals to potentially bring in new perspectives and expertise during what could be a challenging economic period.
Key Highlights
- 1Director Wayland R. Hicks has resigned, effective March 1, 2009.
- 2José B. Alvarez, Bobby J. Griffin, and Filippo Passerini have been elected as new directors.
- 3The new directors' compensation includes annual retainers, meeting fees, and equity grants (RSUs).
- 4New directors will be eligible for medical benefits (at their own cost) and the Deferred Compensation Plan for Directors.
- 5The company is entering into standard indemnification agreements with the new directors.
- 6The election of new directors may signal a strategic shift or strengthening of the board's capabilities.