United Rentals chairman steps down

United Rentals announced August 31 Bradley S. Jacobs, chairman of the board of directors, plans to step down as chairman and director effective immediately. Jacobs has served as chairman since he co-founded United Rentals in 1997.

The company also announced that it has filed a preliminary proxy statement with the Securities and Exchange Commission relating to the previously announced merger agreement under which Cerberus Capital Management will acquire United Rentals. The merger, which was announced on July 23, is expected to close in the fourth quarter.