United Rentals to explore strategic alternatives; CEO to retire

By Lisa Kerner

Charlotte, N.C., April 10 - United Rentals, Inc.'s board of directors will begin the process of exploring strategic alternatives to maximize shareholder value, including a possible sale of the company.

UBS Investment Bank and Credit Suisse have been retained to act as financial advisers in this process, according to a company news release.

United Rentals does not plan to comment on the process until evaluations are competed or a specific transaction is approved.

The company also announced that its chief executive officer, Wayland R. Hicks, will retire at the annual shareholders' meeting on June 4. Hicks will continue to be vice chairman of the board.

Current executive vice president and chief operating officer Michael J. Kneeland will be interim chief executive officer.

United Rentals is a Greenwich, Conn., equipment rental company.

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