United Rentals chairman steps down as chief executive officer

Brad Jacobs announced September 30 he will step down as chief executive officer of United Rentals at the end of the year. Jacobs plans to stay involved in the company, however, by continuing to serve as executive chairman. Wayland Hicks, the current vice chairman and chief operating officer, will succeed Jacobs as chief executive. Jacobs and seven others started United Rentals in 1997. Hicks joined the company in 1997 and became vice chairman in 1998. Jacobs said he now hopes to build other businesses in different industries.