Maxim Crane Works Appoints Michael Kneeland as Chairman of the Board
WILDER, Ky.–(BUSINESS WIRE)–$cranes #cranes–Maxim Crane Works Holdings, Inc. (the “Company”), a leader in the crane rental sector, today announced that Michael Kneeland, the non-executive chairman of the board and former CEO of United Rentals, Inc., has been appointed as the new Chairman of the Company’s Board of Directors.
Mr. Kneeland served as the President and CEO of United Rentals from August 2008 until March 2018, and as the CEO until May 2019, leading United Rentals through a period of significant growth and value creation. Under his leadership, United Rentals grew its revenues from $3.3 billion in 2008 to $8.0 billion in 2018, grew its adjusted EBITDA from $1.1 billion in 2008 to $3.9 billion in 2018, and returned $2.9 billion of cash in the form of share buybacks from 2012, when it first commenced such buybacks, to 2018. United Rentals’ share price increased over 700% during Mr. Kneeland’s tenure as CEO.
“Michael is a well-respected leader in the equipment rental industry and an incredibly savvy operator,” said Larry Berg, the Company’s current Chairman, who will step down from that position but remain on the Board as a director. “Maxim will benefit greatly from his experience in navigating growth opportunities in our industry. The rest of the Board and I are extremely excited to partner with Michael on this next leg of Maxim’s journey.”
“What Michael has accomplished at United Rentals is nothing short of remarkable,” added Bryan Carlisle, Maxim’s CEO. “He is one of the most experienced leaders in our industry, and I am looking forward to drawing upon his vast wealth of knowledge and best practices as we work together to build upon Maxim’s success.”
“I am thrilled to join and to chair the Maxim Board,” said Mr. Kneeland. “Maxim is an extraordinary organization with exceptionally talented people. As the market leader, Maxim is well suited to capitalize on the significant organic and inorganic growth opportunities ahead of it, with a proven ability to manage customer service and safety at scale. I am excited to partner with Bryan and Larry to help Maxim further its market leadership.”
Mr. Kneeland had served United Rentals in various management roles for more than a decade prior to his tenure as CEO, joining the firm when it acquired Equipment Supply Company in 1998. Previously, he had been President of Free State Industries, continuing on as general manager of Free State after it was acquired by Equipment Supply Company. In all, Mr. Kneeland has more than 35 years of management experience in the equipment rental industry. He has also served on the boards of numerous other corporations, including Brinks Home Security and America Tire Distributors.
About Maxim Crane Works
Founded in 1937, Maxim is one of the largest lifting solutions businesses in North America. Maxim, with its affiliated companies, serves more than 6,000 customers through its fleet of over 2,600 cranes situated in 61 branches. Maxim’s full suite of lift solutions include operated and maintained cranes, bare rental cranes, heavy haul/rigging services, and value-added advisory services. Maxim offers a full portfolio of cranes used in a variety of end markets. For more information about Maxim, please visit http://www.maximcrane.com/.
Forward Looking Information Disclaimer
Some of the statements in this press release constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include statements regarding the parties’ intent and belief or current expectations and may be identified by the use of words like “anticipate”, “believe”, “estimate”, “expect”, “intend”, “may”, “plan”, “will”, “should”, “seek”, the negative of these terms or other comparable terminology. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements. Important factors that could cause actual results to differ materially from expectations include, without limitation, the ability of the parties to satisfy the conditions set forth in the stock purchase agreement and otherwise consummate the sale transaction, as well as matters beyond the parties’ control. Forward-looking statements are not guarantees of future performance, results or events.
Contacts
Maxim Crane Works, L.P.:
Corporate Communications
Patrick Lillis, (412) 504-0199
[email protected]
This article published with permission from Business Wire
