01—Abstract
Summary
Summary of the 8-K filed August 28, 2023. Cited figures are marked; the original filing is the authoritative source.
United Rentals, Inc. (URI) has filed an 8-K report announcing a change in its executive leadership.
Dale Asplund, the current Executive Vice President and Chief Operating Officer, will be voluntarily resigning from his position effective September 29, 2023. This transition marks the end of Mr. Asplund's tenure with the company. In connection with this change, Michael Durand, currently the Senior Vice President of Sales and Operations, has been appointed as the new Chief Operating Officer, also effective September 29, 2023.
Mr. Durand has been with United Rentals since 2002 and has held various operational and sales leadership roles. The company has entered into an employment agreement with Mr. Durand outlining his new role, including his compensation package and severance terms. This filing provides details on Mr. Durand's base salary, bonus target, and a significant restricted stock unit grant as part of his promotion.
02—Key points
Key Highlights
- Dale Asplund is voluntarily resigning as EVP and COO, effective September 29, 2023.
- Michael Durand will assume the role of Chief Operating Officer on September 29, 2023.
- Mr. Durand has been with United Rentals since 2002, holding various leadership positions.
- Mr. Durand's new employment agreement includes an annual base salary of $600,000.
- He will have a bonus target of 90% of his base salary.
- A one-time restricted stock unit (RSU) grant valued at $500,000 will be awarded to Mr. Durand upon his promotion, vesting after three years.
- The employment agreement details severance provisions in case of termination without cause or resignation for good reason.
03—Questions
Frequently Asked Questions
Why is Dale Asplund leaving United Rentals?
Dale Asplund is voluntarily resigning from his position as Executive Vice President and Chief Operating Officer and will depart from the Company effective September 29, 2023. The filing does not provide specific reasons for his departure beyond it being voluntary.
Who is replacing Dale Asplund, and what is their background?
Michael Durand will assume the role of Chief Operating Officer. Mr. Durand has a long tenure with United Rentals, joining in 2002 and progressing through various roles, most recently serving as Senior Vice President of Sales and Operations.
What is Michael Durand's compensation package as the new COO?
As COO, Michael Durand will receive an annual base salary of $600,000 and a bonus target of 90% of his base salary. He will also receive a one-time restricted stock unit grant valued at $500,000, which will vest after three years.
What are the terms of Michael Durand's severance if his employment is terminated?
In the event of termination by the Company without 'cause' or resignation by Mr. Durand for 'good reason,' he is entitled to accrued salary and expenses, COBRA continuation coverage for up to 12 months, and a lump-sum payment equal to his base salary plus his target annual incentive, paid over a 12-month period following termination. This is contingent on him signing a release of claims.
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