GREENWICH, Conn. – United Rentals today announced that it has appointed Martin Welch as interim chief financial officer, effective immediately. Welch has spent more than three decades in financial management for public and private companies. His reputation is that of an accomplished leader capable of establishing strong finance organizations and effective financial controls.
| UNITED RENTALS CONTRIBUTES TO HURRICANE RELIEF |
United Rentals announced that it will contribute up to $100,000 in financial support to the relief effort for the victims of Hurricane Katrina in Alabama, Mississippi and Louisiana. The donation will be made to the American Red Cross Hurricane Katrina Fund. United Rentals' pledge will consist of an initial corporate donation of $25,000 and the company's dollar-for-dollar match of employee contributions up to an additional $75,000. Wayland Hicks, chief executive officer of United Rentals, said, "The Red Cross has emphasized that funds are desperately needed for basic food, water, clothing and shelter in the wake of the hurricane's devastation. We feel that this pledge is the best way for us to help make a difference on both a corporate and an individual level." United Rentals also announced it would encourage customers to contribute to the Red Cross fund by accepting customer contributions at its more than 730 rental locations throughout North America. |
"The appointment of Marty Welch as interim CFO provides our company with strong financial leadership,” said Wayland Hicks, chief executive officer. “He will play a crucial role in our organization as we continue to work expeditiously to complete our financial statements for 2004 and the first half of 2005. His proven track record as an effective executive with extensive financial experience will allow him to contribute immediately."
Welch will serve in this interim capacity while the company proceeds to fill the position left vacant by the termination of president and chief financial officer John Milne in August.
Welch most recently served as director and business advisor to the private equity firm, York Management Services. Welch joined Kmart Corp. as chief financial officer in 1995 and served in that capacity until 2001. During that time, he was instrumental in restructuring the company's balance sheet and strengthening all aspects of the financial operations, including the successful redeployment of financial resources in support of company goals.
Welch served as chief financial officer for Federal-Mogul Corp. from 1991 until 1995. He held various finance positions at Chrysler Corp. from 1982 to 1991, including chief financial officer for Chrysler Canada.
Welch began his career in 1970 at Arthur Young (now Ernst & Young), and is a certified public accountant. He currently serves on the boards of York portfolio companies Northern Group Retail and Popular Club Plan. He holds a Bachelor of Science degree in accounting and a Masters of Business Administration in finance, both from the University of Detroit Mercy.
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