Francisco Lopez-Balboa
UNITED RENTALSAbout Francisco J. Lopez-Balboa
Francisco J. Lopez‑Balboa (age 64) has served as an independent director of United Rentals since 2022 and is currently a member of the Audit Committee and Compensation Committee . He is Executive Vice President and Chief Financial Officer of Cumulus Media Inc. (since March 2020) and brings three decades of finance leadership, including prior service as EVP & CFO of Univision Communications and more than 20 years as a managing director at Goldman Sachs focused on TMT; he holds an MBA from Harvard and a BA in Economics from Columbia . The Board has determined he is independent under NYSE and company standards, and he is designated an “audit committee financial expert” with accounting/financial management expertise .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Cumulus Media Inc. | EVP & Chief Financial Officer | Since March 2020 | Senior finance leadership of a scaled media enterprise |
| Univision Communications (now TelevisaUnivision) | EVP & Chief Financial Officer | Not disclosed (prior to 2020) | CFO leadership at the leading media company serving Hispanic America |
| Goldman Sachs | Managing Director, TMT | 20+ years (prior to Univision) | Capital markets/M&A expertise in telecom, media and technology |
| Merrill Lynch & Co. | Early career | Not disclosed | Investment banking foundation |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| St. Mark’s School (MA) | Trustee | Current | Non-profit governance role |
| Columbia College (Board of Visitors) | Emeritus Trustee | Current | Academic advisory role; Columbia College John Jay Award recipient |
| Other public company boards | None | N/A | No current public company directorships disclosed |
Board Governance
- Committee assignments: Audit Committee member; Compensation Committee member . The Audit Committee met six times in 2024; the Compensation Committee met four times in 2024 .
- Financial expertise: Designated by the Board as an “audit committee financial expert” and financially literate per NYSE standards .
- Independence: Classified as independent; URI states 9 of 11 directors were independent under NYSE and company standards .
- Attendance and engagement: The Board met seven times in 2024; all then‑current directors attended 100% of their Board and committee meetings except one director at 88% (individual not identified); all then‑current directors attended the 2024 annual meeting .
- Executive sessions: Independent directors met in executive session four times in 2024 .
- Lead Independent Director context: Robust LID role; LID transition to Gracia Martore effective May 8, 2025 (governance continuity) .
Fixed Compensation (Director)
- Structure (non‑management directors, 2024): $120,000 annual cash retainer; Lead Independent Director +$40,000; Chair fees: Audit $25,000, Compensation $20,000, N&CG $20,000 (raised from $15,000 effective May 9, 2024), Strategy $15,000; annual equity grant $175,000 in fully vested RSUs (generally settled after three years) .
- Anti‑hedging/anti‑pledging: Directors are subject to URI’s anti‑hedging and anti‑pledging policy .
- Non‑executive Chair: Receives $500,000 cash in lieu of other fees/equity .
| Director (2024) | Cash Fees ($) | Stock Awards ($) | Total ($) |
|---|---|---|---|
| Francisco J. Lopez‑Balboa | 120,000 | 175,059 | 295,059 |
Notes: 2024 director equity grant was 254 RSUs at $689.21 (closing price on May 9, 2024); RSUs fully vested at grant, with deferred settlement timing as specified; rounding of RSU count explains $175,059 vs $175,000 . Director fee tables and ownership guideline compliance summarized below .
Performance Compensation (Director)
- URI does not use performance‑based pay for directors (no bonuses/PSUs/options tied to metrics for directors); compensation consists of cash retainers and fully vested RSUs with deferred settlement features .
Other Directorships & Interlocks
- Public company directorships: None disclosed for Lopez‑Balboa .
- Compensation interlocks: URI discloses no compensation committee interlocks or insider participation for 2024 .
- Related party transactions: URI’s related‑party policy requires Audit Committee review/approval; 2024 independence review discusses transactions for other directors (Aramark, Johnson Controls) but none involving Lopez‑Balboa were disclosed .
Expertise & Qualifications
- Finance and capital markets: CFO experience at Cumulus and Univision; 20+ years GS MD in TMT; designated audit committee financial expert .
- Strategic/operator perspective: Large‑scale networked business growth and customer service orientation cited by the Board .
- Education/recognitions: MBA (Harvard), BA Economics (Columbia), Columbia College John Jay Award; non‑profit/academic governance roles .
Equity Ownership
| Holding Type (as of 12/31/2024) | Amount |
|---|---|
| Common shares | Not disclosed in table (no shares listed for Lopez‑Balboa) |
| Fully vested RSUs outstanding | 1,118 |
- Director stock ownership guidelines: 5x annual cash retainer for non‑chair directors; Board Chair 2x; each non‑management director was in compliance as of December 31, 2024; covered holdings include directly/indirectly owned shares, deferred RSUs, and unvested time‑based RSUs .
- Pledging/hedging: Prohibited under URI policy; no pledges disclosed .
- Deferred compensation: Directors may defer fees into money market or RSU equivalents under the Directors Deferred Compensation Plan (fully vested, with optional additional deferral) .
Governance Assessment
- Alignment and independence: Lopez‑Balboa strengthens Board oversight through dual service on Audit and Compensation and as an SEC‑defined audit committee financial expert; independence affirmed under NYSE and company standards .
- Engagement: Board/committee cadence (Board 7x; Audit 6x; Compensation 4x) suggests robust oversight; URI reported near‑perfect attendance at the aggregate level in 2024 (individual director breakdown not disclosed) .
- Incentive alignment: Director pay is balanced between cash and equity with three‑year settlement of fully vested RSUs and stringent ownership guidelines (compliant), plus anti‑hedging/pledging—supporting investor alignment .
- Conflicts/related parties: No related‑party transactions or compensation interlocks disclosed for Lopez‑Balboa; independence determination clean with no URI‑Cumulus ties noted .
- Shareholder signals: URI’s 2024 say‑on‑pay received 94% support, indicating broad investor confidence in compensation governance (context for overall board stewardship) .
RED FLAGS observed: None disclosed relating to Lopez‑Balboa (no related‑party transactions, no pledging/hedging, independent status, and clean interlock disclosure) .