United Rentals Names Interim CFO

September 12, 2005 • United Rentals, Inc., Greenwich, Conn., announced today that it has appointed Martin E. Welch as interim chief financial officer (CFO). Spending more than three decades in financial management for public and private companies, Welch will serve in this interim capacity while the company proceeds to fill the position left vacant by the termination of president and CFO John Milne in August.

 

"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 most recently served as director and business advisor to the private equity firm York Management Services. Welch joined Kmart Corp. as CFO in 1995, serving 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 CFO 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 Ltd. and Popular Club Plan. He holds a bachelor of science degree in accounting and a master's of business administration in finance — both from the University of Detroit Mercy.