Herc Holdings Inc. has announced a planned leadership transition effective January 1, 2027. Lawrence H. Silber, who has served as Chief Executive Officer since 2015, will step down from the role and transition to Executive Chairman of the Board. Concurrently, Aaron Birnbaum, the Company’s current President, will succeed Silber as Chief Executive Officer. Birnbaum will also join the Board of Directors in his new capacity.
Birnbaum, age 60, has served as President since January 1, 2026, and previously held the position of Chief Operating Officer from January 2020 to December 2025. He has over 35 years of experience with Herc Rentals and its predecessor business, progressing through roles in operations, sales, strategic planning, and M&A activities.
In connection with his appointment as CEO, the Company expects to enter into an employment letter with Birnbaum. This agreement includes an annual base salary of $975,000 and a target annual incentive cash bonus opportunity equal to 125% of his base salary. Additionally, he is expected to receive a 2027 long-term equity incentive award with a grant date fair value of approximately $4,250,000, comprised of 50% performance stock units and 50% restricted stock units.
Lawrence Silber will receive an annual base salary of $600,000 and a target annual incentive cash bonus opportunity equal to 120% of his base salary. He is also expected to receive a 2027 long-term equity incentive award with a grant date fair value of $3,000,000, comprised of 50% performance stock units and 50% restricted stock units.
Board leadership changes also took effect on January 1, 2027. Patrick Campbell, who has served as Board Chairman, will transition to the role of independent director and will continue to serve as chairman of the Board’s Audit Committee. Michael A. Kelly, an independent director and chair of the Nominating and Governance Committee, has been elected as Lead Director.
