Search
 
Alexander Hamilton Awards

Standing up a Fully Functional Treasury in Six Months Flat

Congratulations to Herc Rentals—winner of the 2018 Gold Alexander Hamilton Award in Treasury Transformation!

Divestitures are never easy. Standing up a separate company without disrupting ongoing operations, in either the new entity or the parent, is a major challenge in any circumstance. It’s even more complex to accomplish when the newly formed company will have more than $1 billion in revenue and nearly 5,000 employees. That was exactly the challenge the management team undertook when Herc Rentals spun off from The Hertz Corporation in 2016.

With 270 locations across the United States and Canada, Herc Rentals is one of the leading equipment-rental businesses in North America. Its divestiture from the Hertz car rental company was announced in 2014. A new senior management build began in 2015, with planning for the new treasury team starting in March 2016, for a separation that July.

“None of the treasury staff or management team transitioned from Hertz to Herc,” explains Mustally Hussain, vice president and treasurer of Herc Rentals. “I started in May 2016, and Herc Holdings went public on the New York Stock Exchange on July 1, 2016. We had a TSA [transition services agreement] with our former parent for six months, so we had until the end of the year to build a treasury function from the ground up.”

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.

Already have an account?

NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Meg Waters

Meg Waters

Meg Waters is the editor in chief of Treasury & Risk. She is the former editor in chief of BPM Magazine and the former managing editor of Business Finance.

More from this author

 

Recommended Stories

Verizon Likes Investor Scrutiny of ESG Bonds

Verizon Likes Investor Scrutiny of ESG Bonds

Caleb Mutua |

The company has issued five green bonds, including a $1 billion offering earlier this month. “Added scrutiny ... enables our platform to continue to shine compared to the rest of the market.”

Investments Shift away from Bank Deposits

Investments Shift away from Bank Deposits

Tom Hunt |

The 2023 AFP Liquidity Survey found that treasurers are reducing bank deposits and moving investments toward more secure vehicles, reflecting the U.S. economic climate of 2022 and the bank failures of 2023.

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2023 ALM Global, LLC. All Rights Reserved.