Herc Holdings announced a planned leadership succession where current President, Aaron Birnbaum, will be appointed as the company's next Chief Executive Officer, effective January 1, 2027. Lawrence H. Silber, the current CEO, will transition to the role of Executive Chairman. The company also announced that Michael A. Kelly will be appointed Lead Director.
Key Details
- Leadership Transition: President Aaron Birnbaum will succeed Lawrence H. Silber as CEO. Mr. Silber, CEO since 2015, will become Executive Chairman.
- Effective Date: All leadership and board changes will be effective as of January 1, 2027.
- New CEO Compensation: Mr. Birnbaum will receive an annual base salary of $975,000, a target bonus of 125% of his base salary, and a 2027 long-term equity award valued at approximately $4.25 million.
- Executive Chairman Compensation: In his new role, Mr. Silber will receive a base salary of $600,000, a target bonus of 120% of base salary, and a 2027 equity award valued at $3.0 million.