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UNITED RENTALS, INC. 8-K Report, Executive Changes (Mar 7, 2022)

Reports
Leadership Changes·Exhibits & Filings
Filing Date
Filed March 7, 2022
Period End
March 7, 2022
Security
URI
In the record · 2016–202610-K1110-Q328-K170

URI filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 170 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Oct ’17Oct ’17
  2. Material agreement8-K · May ’19May ’19
  3. Deal closed8-K · May ’21May ’21
  4. Material agreement8-K · Jun ’26Jun ’26

01—Abstract

Summary

Summary of the 8-K filed March 7, 2022. Cited figures are marked; the original filing is the authoritative source.

United Rentals, Inc. (URI) has filed an 8-K report on March 7, 2022, primarily announcing a significant executive transition within its business development team.

Senior Vice President, Business Development, Jeffrey Fenton, is set to retire on June 30, 2022, after a long tenure. He will be succeeded by Alfredo Barquin, the current Vice President, Business Development, who will take over the leadership of the company's mergers and acquisitions growth strategy. To ensure a smooth handover, Mr. Fenton will provide advisory and transition services through December 31, 2022.

The company has outlined a compensation package for his transition period, including a monthly consulting fee, eligibility for a pro-rata annual incentive award, and retirement vesting treatment for outstanding equity. Additionally, Mr. Fenton will receive a $300,000a restricted stock unit award, vesting in March 2023, contingent on his continued service through the end of 2022. This filing is important for investors to understand leadership continuity in a key strategic area for United Rentals.

02—Key points

Key Highlights

  1. Jeffrey Fenton, Senior Vice President, Business Development, will retire effective June 30, 2022.
  2. Alfredo Barquin will succeed Mr. Fenton and lead the company's M&A growth strategy.
  3. Mr. Fenton will provide advisory and transition services from July 1, 2022, to December 31, 2022.
  4. Mr. Fenton will receive a monthly consulting fee of $18,100 during his transition period.
  5. Mr. Fenton is eligible for a pro-rata annual incentive award and retirement vesting for outstanding equity.
  6. A $300,000 restricted stock unit award has been granted to Mr. Fenton, vesting on March 3, 2023, conditional on continued service.
  7. The company is prioritizing a smooth leadership transition in its business development and M&A functions.

03—Questions

Frequently Asked Questions

  1. What is the primary reason for this 8-K filing?

    This 8-K filing is primarily to announce the retirement of Jeffrey Fenton, Senior Vice President of Business Development, and the succession plan for his role, ensuring continuity in the company's mergers and acquisitions strategy.

  2. What compensation will Mr. Fenton receive after his retirement date?

    Mr. Fenton will receive a monthly consulting fee of $18,100, be eligible for a pro-rata annual incentive award based on performance, and will receive retirement vesting treatment for his outstanding equity awards. Additionally, he received a $300,000 restricted stock unit award that vests in March 2023, subject to his service through December 31, 2022.

  3. How will Mr. Fenton's transition impact the company's M&A activities?

    Mr. Fenton will remain engaged in an advisory and transition capacity through December 31, 2022, to ensure a smooth handover of responsibilities to his successor, Alfredo Barquin. This ensures continued leadership and expertise in the company's mergers and acquisitions growth strategy during the transition period.

  4. Is the press release included in this filing considered 'filed' for regulatory purposes?

    No, the press release (Exhibit 99.1) is furnished with the filing and is not deemed 'filed' for purposes of Section 18 of the Securities Exchange Act of 1934, nor is it incorporated by reference into future filings.

04—Continue

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