Herc Holdings Inc. Announces Election of Two New Independent Directors to its Board of Directors
BONITA SPRINGS, Fla.–(BUSINESS WIRE)–
Herc Holdings, Inc. (NYSE: HRI) (“Herc Holdings” or “the Company”), one of North America’s leading equipment rental suppliers operating through Herc Rentals Inc., today announced the election of two new independent directors: John Olin, executive vice president and chief financial officer at Westinghouse Air Brake Technologies Corporation, and Patrick Shannon, former senior vice president and chief financial officer at Allegion plc. Their elections to the Company’s Board of Directors (the “Board”) are effective Jan. 1, 2026. Olin and Shannon will both serve on the Company’s audit committee.
“We are pleased to welcome John and Patrick to the Board,” said Patrick Campbell, chairman of the Board of Directors. “They each bring decades of relevant experience delivering growth as executives and directors of public companies. Their strategic and financial expertise will further strengthen the Board with complementary, value-additive skillsets.”
“We are excited to add John and Patrick to the Board,” said Chief Executive Officer Larry Silber. “Their insights and leadership will be very beneficial as the Board and management team continue to focus on accelerating sustainable, profitable growth and creating shareholder value.”
These elections are in connection with the Company’s Board succession planning process. James Browning, the current audit committee chair, will retire in May 2026 at the Company’s annual shareholders meeting in accordance with the Board’s director retirement policy.
With these appointments, the Board will temporarily expand from eight to 10 members. Following Mr. Browning’s retirement, the Board will be reduced to nine members.
Biographies
John Olin currently serves as executive vice president and chief financial officer at Westinghouse Air Brake Technologies Corporation, a global rail technology company. Before joining Wabtec, Olin served as senior vice president and chief financial officer of Harley-Davidson. His earlier leadership roles include serving as controller of Kraft Foods’ Cheese Division and more than a decade of financial management positions at Kraft, Oscar Mayer Foods and Miller Brewing Company. He also held positions with financial services and consulting firms, including Ernst & Whinney (now Ernst & Young). He currently serves on the Advisory Board of the New York Stock Exchange and previously served on the Board of Directors of the AutoTrader Group and Exide Technologies.
Olin earned a bachelor’s degree in accounting from Indiana University and a master’s degree in business administration from the University of Chicago. He is a certified public accountant.
Patrick Shannon formerly served as senior vice president and chief financial officer for Allegion, a global provider of security products and solutions, where he led the company’s global financial organization, including accounting, audit, business development, investor relations, tax and treasury. Previously, he served as vice president and treasurer for Ingersoll Rand. Earlier in his career, he was senior vice president and chief financial officer of OneCoast Network Corporation and held various domestic and international financial leadership roles at AGCO Corporation, ultimately serving as its senior vice president and CFO. Shannon began his career with Arthur Andersen LLP. He currently serves on the Board of Directors for Astec Industries, Inc. and MasterBrand, Inc.
Shannon earned a bachelor’s degree in accounting from the University of Georgia and a master’s degree in business administration from Mercer University.
About Herc Holdings Inc.
Founded in 1965, Herc Holdings Inc., which operates through its Herc Rentals Inc. subsidiary, is a full-line rental supplier and, with the recent acquisition of H&E Equipment Services, we have 612 locations across North America and 2024 pro forma total revenues were approximately $5.1 billion. We offer products and services aimed at helping customers work more efficiently, effectively, and safely. Our classic fleet includes aerial, earthmoving, material handling, trucks and trailers, air compressors, compaction, and lighting equipment. Our ProSolutions® offering includes industry-specific, solutions-based services in tandem with power generation, climate control, remediation and restoration, pumps, and trench shoring equipment as well as our ProContractor professional grade tools. We employ approximately 9,900 employees, who equip our customers and communities to build a brighter future. Learn more at www.HercRentals.com and follow us on Instagram, Facebook and LinkedIn.
All references to “Herc Holdings” or the “Company” in this press release refer to Herc Holdings Inc. and its subsidiaries, unless otherwise indicated.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act, as amended, and the Private Securities Litigation Reform Act of 1995. Forward looking statements are generally identified by the words “estimates,” “expects,” “anticipates,” “projects,” “plans,” “intends,” “believes,” “forecasts,” “looks,” and future or conditional verbs, such as “will,” “should,” “could” or “may,” as well as variations of such words or similar expressions. All forward-looking statements are based upon our current expectations and various assumptions and there can be no assurance that our current expectations will be achieved. You should not place undue reliance on the forward-looking statements. They are subject to future events, risks and uncertainties – many of which are beyond our control – as well as potentially inaccurate assumptions, that could cause actual results to differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those projected include, but are not limited to, the following: (1) the cyclical nature of our industry and our dependence on the levels of capital investment and maintenance expenditures by our customers; (2) the competitiveness of our industry, including the potential downward pricing pressures or the inability to increase prices; (3) our dependence on relationships with key suppliers; (4) our heavy reliance on communication networks, centralized information technology systems and third party technology and services and our ability to maintain, upgrade or replace our information technology systems; (5) our ability to respond adequately to changes in technology and customer demands; (6) our ability to attract and retain key management, sales and trades talent; (7) our rental fleet is subject to residual value risk upon disposition; (8) the impact of climate change and the legal and regulatory responses to such change; (9) our ability to execute our strategy to grow through strategic transactions; (10) our significant indebtedness; and (11) our ability to integrate the acquisition of H&E Equipment Services, Inc. into our business and our ability to realize all the anticipated benefits of the transaction. Further information on the risks that may affect our business is included in filings we make with the Securities and Exchange Commission from time to time, including our most recent annual report on Form 10-K, subsequent quarterly reports on Form 10-Q, and in our other SEC filings. We undertake no obligation to update or revise forward-looking statements that have been made to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.
View source version on businesswire.com: https://www.businesswire.com/news/home/20251124733650/en/
Leslie Hunziker
Senior Vice President,
Investor Relations, Communications & Sustainability
[email protected]
239-301-1675
KEYWORDS: Florida United States North America
INDUSTRY KEYWORDS: Construction & Property Machinery Machine Tools, Metalworking & Metallurgy Trucking Rail Other Construction & Property Transport Manufacturing
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