James H. Browning Selected to Join Hertz Equipment Rental Corporation Board of Directors Following Separation from Rental Car Business

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Apr 05, 2016, 08:50 ET

ESTERO, Fla., April 5, 2016 /PRNewswire/ -- James H. Browning, retired partner at international professional services firm KPMG, has been selected to join the board of directors and serve as audit committee chairman for the equipment rental business of Hertz Global Holdings, Inc. (NYSE: HTZ) following the planned separation of that business as a stand-alone, publicly traded company later this year. Hertz Equipment Rental Corporation (HERC) is one of the largest equipment rental businesses in North America, primarily serving the construction, industrial, oil, gas, entertainment and government sectors.

"With nearly 40 years of financial and accounting experience at KPMG, Jim Browning will make a great addition to the HERC board and has the right knowledge and background to establish and oversee the audit committee," said John Tague, Hertz president and chief executive officer. "We are committed to constructing a board with the right mix of industry and public company experience to assist the HERC leadership team transition in operating as a public company."

Retired from KPMG in 2009 and a partner since 1980, Browning served as Southwest area professional practice partner in the company's Houston office. He also served as an SEC reviewing partner and as partner in charge of KPMG's New Orleans audit practice. Browning is currently board chairman for RigNet, Inc., a leading global provider of remote communications, and is on the board of Texas Capital Bancshares, a financial services company, where he serves as chairman of the audit committee.

Mr. Browning received a B.S. degree in Business Administration from Louisiana State University and is a Certified Public Accountant.

Larry Silber, president and chief executive officer for Hertz Equipment Rental Corporation, said, "We're delighted that Jim has agreed to join our board and chair the audit committee. His extensive and deep experience in public company matters will be extremely helpful as we commit to good corporate governance and advance the long-term interest of our shareholders."

Hertz Global Holdings filed an SEC Form 10 registration statement detailing the planned separation of its equipment rental business in December 2015 and filed an amendment of the Form 10 in February 2016. No record date has been set, though the company has said it expects the transaction to be completed by mid-2016. The separation is expected to be a tax-free event for U.S. federal income tax purposes to shareholders. The company previously announced that Herbert L. Henkel, retired chairman and chief executive officer for Ingersoll Rand, has been selected to serve as non-executive chairman for HERC, following the planned separation.

Founded in 1965, HERC, which plans to be known as Herc Rentals following its separation, is one of the leading equipment rental suppliers in North America with approximately 280 company-operated branches, of which approximately 270 are in the United States and Canada. HERC is a full-line equipment-rental supplier in key markets, including commercial and residential construction, industrial and manufacturing, refineries and petrochemicals, civil infrastructure, automotive, government and municipalities, energy, remediation, emergency response, facilities, entertainment and agriculture. The equipment rental business is supported by industry-specific expertise and solutions-based services aimed at helping customers work more efficiently, effective and safely. HERC also operates in the United Kingdom and China and through joint venture arrangements in Saudi Arabia and Qatar and through franchisees in nine countries in Europe, the Middle East, Latin America and Asia. HERC's 2015 total revenues were $1.5 billion with adjusted corporate EBITDA of $610 million. The company has approximately 4,000 employees. For more information on HERC and its products and services, visit: www.hertzequip.com.

About Hertz Global

Hertz Global Holdings operates the Hertz, Dollar, Thrifty and Firefly car rental brands in approximately 9,980 corporate and licensee locations throughout approximately 150 countries in North America, Europe, Latin America, Asia, Australia, Africa, the Middle East and New Zealand. Hertz Global Holdings is the largest worldwide airport general use car rental company with approximately 1,635 airport locations in the U.S. and more than 1,320 airport locations internationally. Product and service initiatives such as Hertz Gold Plus Rewards, NeverLost®, Carfirmations, Mobile Wi-Fi and unique vehicles offered through the Adrenaline, Dream, Green and Prestige Collections set Hertz Global Holdings apart from the competition. Additionally, Hertz Global Holdings owns the vehicle leasing and fleet management leader Donlen Corporation, operates the Hertz 24/7 hourly car rental business in international markets and sells vehicles through its Rent2Buy program. The Company also owns Hertz Equipment Rental Corporation ("HERC"), one of the largest equipment rental businesses with more than 280 locations worldwide offering a diverse line of equipment and tools for rent and sale. HERC primarily serves the construction, industrial, oil, gas, entertainment and government sectors. For more information about Hertz Global Holdings, visit: www.hertz.com.

Cautionary Note Concerning Forward-Looking Statements

Certain statements contained in this release include "forward-looking statements." These statements often include words such as "believe," "expect," "project," "potential," "anticipate," "intend," "plan," "estimate," "seek," "will," "may," "would," "should," "could," "forecasts" or similar expressions. These statements are based on certain assumptions that Hertz Global Holdings has made in light of its experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate in these circumstances. Hertz Global Holdings believes these judgments are reasonable, but you should understand that these statements are not guarantees of performance or results, and actual results could differ materially from those expressed in the forward-looking statements due to a variety of important factors, both positive and negative, that may be revised or supplemented in subsequent reports on Forms 10-K, 10-Q and 8-K. Among other items, such factors could include: the effect of our proposed separation of our equipment rental business and ability to obtain the expected benefits of any related transaction; our ability to complete the proposed separation within the expected timeframe; and changes to our senior management team.

Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

You should not place undue reliance on forward-looking statements. All forward-looking statements attributable to Hertz Global Holdings or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made, and Hertz Global Holdings undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE Hertz Global Holdings, Inc.