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United Rentals CEO to take over as chairman

United Rentals Inc. said Chairman Jenne Britell and CEO Michael Kneeland will step down from their roles May 8.

The equipment rental company said COO Matthew Flannery will take over as the new CEO while retaining his role as president.

Kneeland will become nonexecutive chairman, while longtime board member Bobby Griffin will serve as lead independent director.

Flannery, who joined United Rentals in 1998, has served as president since March 2018 and as COO since 2012.