Summary
This 8-K filing from United Rentals, Inc. (URI) announces the permanent appointment of William (Ted) Grace as Chief Financial Officer (CFO), effective November 3, 2022. Mr. Grace, who had been serving as interim CFO since July 2022, brings a wealth of experience to the role, having joined United Rentals in 2016 and previously heading Investor Relations. This transition signifies continuity and stability in the company's financial leadership. In connection with his permanent appointment, Mr. Grace's employment agreement was amended to reflect the updated terms and responsibilities of the CFO position. His compensation package includes an annual base salary of $590,000, a 90% bonus target, and eligibility for standard executive benefits. Furthermore, a one-time restricted stock unit (RSU) grant valued at $500,000 was approved, vesting over three years, as recognition for his expanded role. This announcement is accompanied by a press release furnishing additional details.
Key Highlights
- 1William (Ted) Grace officially appointed as Chief Financial Officer (CFO), effective November 3, 2022.
- 2Mr. Grace transitioned from Interim CFO to permanent CFO, having served in the interim role since July 29, 2022.
- 3His annual base salary is set at $590,000.
- 4Mr. Grace has a bonus target of 90% of his base salary.
- 5A one-time grant of restricted stock units (RSUs) valued at $500,000 was awarded, with a three-year cliff vesting period.
- 6The amendment to his employment agreement clarifies 'good reason' provisions relevant to the CFO role.
- 7Mr. Grace has been with United Rentals since 2016, previously leading Investor Relations.