01—Abstract
Summary
Summary of the 8-K filed November 7, 2022. Cited figures are marked; the original filing is the authoritative source.
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 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.
02—Key points
Key Highlights
- William (Ted) Grace officially appointed as Chief Financial Officer (CFO), effective November 3, 2022.
- Mr. Grace transitioned from Interim CFO to permanent CFO, having served in the interim role since July 29, 2022.
- His annual base salary is set at $590,000.
- Mr. Grace has a bonus target of 90% of his base salary.
- A one-time grant of restricted stock units (RSUs) valued at $500,000 was awarded, with a three-year cliff vesting period.
- The amendment to his employment agreement clarifies 'good reason' provisions relevant to the CFO role.
- Mr. Grace has been with United Rentals since 2016, previously leading Investor Relations.
03—Questions
Frequently Asked Questions
Who has been appointed as the new Chief Financial Officer of United Rentals?
William (Ted) Grace has been officially appointed as the Chief Financial Officer (CFO) of United Rentals, Inc., effective November 3, 2022.
What is Mr. Grace's compensation package as the new CFO?
Mr. Grace will receive an annual base salary of $590,000, with a bonus target of 90% of his base salary. He will also be eligible for standard executive benefit plans. Additionally, he received a one-time grant of $500,000 in restricted stock units (RSUs) that vest after three years.
Has Mr. Grace held other positions within United Rentals?
Yes, Mr. Grace has been with United Rentals since 2016 and previously served as Vice President and Head of Investor Relations. He has also been serving as the interim Chief Financial Officer since July 29, 2022.
What changes were made to Mr. Grace's employment agreement?
The employment agreement was amended to update the definition of 'good reason' to specifically cover circumstances related to his permanent position as CFO, such as removal from the role (other than for cause or resignation), reduction in salary, material breach, significant relocation, or diminution of duties.
04—Continue