Herc Holdings Picks a 35-Year Insider as CEO in a Textbook Planned Succession

Herc Holdings, the North American equipment rental company, announced on October 26, 2026, that president Aaron Birnbaum will become chief executive on January 1, 2027, according to its press release. Larry Silber, CEO since 2015, will become executive chairman. Birnbaum keeps the president title and joins the board.

A Succession Built Over Several Years

Birnbaum has spent more than 35 years with Herc and its predecessor. He became chief operating officer in 2020 and president in January 2026, so the board had nearly a year to watch him in the number 2 role before naming him CEO. The company describes the change as part of its planned succession.

[Table 1]

The Board Reshuffles Too

Herc changed board roles at the same time. Patrick Campbell moves from chairman to independent director and stays audit committee chair, and Michael Kelly becomes lead independent director. With the former CEO as executive chairman, a lead independent director gives the board an independent counterweight, which investors usually expect in this structure.

Why It Matters

Herc's sequence, operating role, then president, then CEO with the predecessor as executive chairman, is the model most boards aim for and many fail to execute. It contrasts with CooperCompanies' abrupt CEO change a day later. On October 27, UK cyber firm NCC Group also chose an insider, naming CFO Guy Ellis as CEO with immediate effect after an internal and external search.

[Table 2]

For a broader view, see leadership succession planning for tech companies and why Macquarie chose an internal successor.