Summary
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.
Key Highlights
- 1Dale Asplund is voluntarily resigning as EVP and COO, effective September 29, 2023.
- 2Michael Durand will assume the role of Chief Operating Officer on September 29, 2023.
- 3Mr. Durand has been with United Rentals since 2002, holding various leadership positions.
- 4Mr. Durand's new employment agreement includes an annual base salary of $600,000.
- 5He will have a bonus target of 90% of his base salary.
- 6A one-time restricted stock unit (RSU) grant valued at $500,000 will be awarded to Mr. Durand upon his promotion, vesting after three years.
- 7The employment agreement details severance provisions in case of termination without cause or resignation for good reason.