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United Rentals Mulls Sale

The company's CEO will retire in June.
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United Rentals

(URI) - Get United Rentals, Inc. Report

said Tuesday that it plans to explore a potential company sale and that its CEO will retire in June.

The Greenwich, Conn., equipment-rental concern has hired UBS and Credit Suisse to help it explore strategic alternatives, including a possible sale.

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Meanwhile, Wayland Hicks plans to retire as CEO as of the company's annual meeting June 4. Hicks, 64, will continue to serve on the board as vice chairman.

Michael Kneeland, currently executive vice president and chief operating officer, will serve as interim CEO. Kneeland has been with the company since 1998.

Shares of United Rentals were jumping $4.42, or 16%, to $31.97 in premarket trading.