Hertz Announces New Chief Executive Officer For Hertz Equipment Rental Corporation
- Brian P. MacDonald Succeeds Lois I. Boyd, Who is Retiring June 30, 2014
- MacDonald Joins Hertz on June 2, 2014 and Brings Proven Record and Extensive Experience in Strategic Planning, Financial and Operational Management, and Business Development Across Geographies
NAPLES, Fla., June 2, 2014 /PRNewswire/ -- The Hertz Corporation (NYSE: HTZ), today announced that Brian P. MacDonald, formerly Chairman, President and Chief Executive Officer of Sunoco, Inc., has been appointed Chief Executive Officer of Hertz Equipment Rental Corporation (HERC). As part of his responsibilities, MacDonald will lead HERC's transition into a new, publicly traded company following its planned separation from Hertz, which is expected to close by early 2015. Mr. MacDonald succeeds Lois I. Boyd, who has been with Hertz since 2007. Ms. Boyd has previously informed the company of her decision to retire her full time position after a 41-year career although she has agreed to continue with HERC in an advisory capacity.
"Brian MacDonald brings exceptional, executive-level experience in successfully leading major corporations through periods of significant growth and change," said Mark P. Frissora, Hertz Chairman and Chief Executive Officer. "This record, combined with his financial acumen as well as his operational and international expertise, make him the ideal successor to lead HERC through its next phase of growth and development as a stand-alone, publicly traded company."
MacDonald said: "I am delighted to join Hertz Equipment Rental Corporation at this exciting time in the company's 49-year history. HERC benefits from one of the youngest and most balanced fleets in the industry, a diverse product portfolio, operational efficiencies, and a broad geographic footprint. I look forward to working with HERC's management and talented employees to build on these strengths and further bolster the company's premier position in the equipment rental industry."
Frissora continued: "Throughout her seven year career with Hertz, Lois Boyd has demonstrated strong leadership and an enduring commitment to our company and mission. Under her stewardship since 2011, HERC has delivered three consecutive years of revenue and earnings growth, and margin improvements. She had an equally strong record leading Advantage Rent-a-Car, a value brand previously owned by Hertz, and our companywide cost management programs, which have generated over $3 billion of savings since 2007. Lois approached me several months ago about her intention to retire. I am grateful she agreed to help us make significant progress on the separation of HERC and RAC, and to assist with Brian MacDonald's transition. We appreciate all that Lois has done for Hertz and wish her the very best in her well-earned retirement."
About Brian P. MacDonald
MacDonald most recently served as President and Chief Executive Officer of ETP Holdco Corp., an entity formed following Energy Transfer Partners' $5.3 billion acquisition of Sunoco, Inc. in 2012, where MacDonald had served as Chairman, President and Chief Executive Officer prior to ETP's acquisition of Sunoco. MacDonald joined Sunoco in 2009 as Senior Vice President and Chief Financial Officer. During his tenure with Sunoco, the Company undertook a substantial restructuring to strengthen and transform the organization and better position it for growth. Sunoco exited unprofitable operations, significantly reduced costs, improved efficiencies, and refocused on established high-return businesses.
Prior to Sunoco, MacDonald worked at Dell, Inc. as Chief Financial Officer of the Large Enterprise Business Unit, overseeing all aspects of its financial management. Before becoming the unit's CFO in 2008, he served as Dell's corporate Vice President and Treasurer. In this role, MacDonald led Dell's mergers and acquisitions organization and headed the Company's global treasury group, with operations in the United States, Ireland and Singapore.
Prior to Dell, MacDonald served in several financial management roles at General Motors Corporation, including at Isuzu Motors Limited, a $12 billion Japanese public company that was 49 percent owned by General Motors at the time and Treasurer of GM Canada, a $28 billion operating subsidiary.
MacDonald serves on the boards of directors of Ally Financial, Inc. and CSC (formerly Computer Sciences Corporation). He earned a Bachelor of Science from Mount Allison University and received a Masters in Business Administration from McGill University.
On March 18, 2014, The Hertz Corporation announced that its Board of Directors approved plans to separate HERC and Hertz (including Dollar, Thrifty, Firefly and Donlen) into two independent, publically traded companies by early 2015. The separation is planned to be in the form of a pro-rata tax-free spin-off to shareholders.
Following the separation, HERC will remain one of the largest and most diversified equipment rental businesses in the world with approximately 335 branches in the United States, Canada, France, Spain, the United Kingdom, China, Qatar and Saudi Arabia, as well as through international franchisees. HERC rents a broad range of equipment, including aerial manlifts, air compressors and tools, earthmoving equipment and power generators, forklifts and material handling, pumps, and trucks and trailers. HERC also derives revenues from the sale of new and used equipment and consumables as well as through its Hertz Entertainment Services division, which rents lighting and related aerial products used primarily in the U.S. entertainment industry.
Hertz operates its car rental business through the Hertz, Dollar, Thrifty and Firefly brands from approximately 11,555 corporate and licensee locations in approximately 145 countries in North America, Europe, Latin America, Asia, Australia, Africa, the Middle East and New Zealand. Hertz is the largest worldwide airport general use car rental brand, operating from approximately 10,090 corporate and franchisee locations in approximately 145 countries. Dollar and Thrifty have approximately 1,400 corporate and franchise locations in approximately 75 countries. Hertz is the number one airport car rental brand in the U.S. and at 130 major airports in Europe. Hertz is an inaugural member of Travel + Leisure's World's Best Awards Hall of Fame and was recently named, for the thirteenth time, by the magazine's readers as the Best Car Rental Agency. Hertz also swept the global awards for Best Rewards Program and Best Overall Benefits from FlyerTalk.com. Product and service initiatives such as Hertz Gold Plus Rewards, NeverLost®, and unique vehicles offered through the Company's Adrenaline, Prestige, Green Traveler, and Dream Car Collections, also set Hertz apart from the competition. Additionally, Hertz owns the vehicle leasing and fleet management leader Donlen Corporation and operates the Hertz 24/7 hourly car rental business. The Company also owns a leading global equipment rental business, Hertz Equipment Rental Corporation, which includes Hertz Entertainment Services. More information about the Company can be found at www.abouthertz.com.
SOURCE The Hertz Corporation