HERTZ ANNOUNCES CHANGES TO ITS BOARD OF DIRECTORS

Rhea-AI Summary

The Hertz Global Holdings, Inc. (NASDAQ: HTZ) announced significant changes to its Board of Directors on January 18, 2023. Michael Gregory O'Hara, the current Chair, is stepping down, with CEO Stephen Scherr taking over as Board Chair. New independent directors Fran Bermanzohn and Jeffrey Nedelman will join the Board, increasing its size to ten members, with eight being independent. This leadership transition aims to bolster Hertz's strategic direction towards shared mobility, electrification, and a digital-first customer experience, building on the progress made since Scherr's appointment as CEO.

Positive

• Appointment of Stephen Scherr as Board Chair may enhance strategic leadership.
• Addition of independent directors Fran Bermanzohn and Jeffrey Nedelman increases Board diversity and independence.
• Focus on shared mobility, electrification, and digital-first customer experience aligns with industry trends.

Negative

• Departure of Founder Michael O'Hara may cause concerns regarding leadership continuity.
• Potential experience gap with the restructuring of the Board.

News Market Reaction – HTZ

+1.07%

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+1.07% News Effect

On the day this news was published, HTZ gained 1.07%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Michael Gregory (Greg) O'Hara to Step Down; CEO Stephen Scherr Appointed Board Chair;
Fran Bermanzohn and Jeff Nedelman Join

ESTERO, Fla., Jan. 18, 2023 /PRNewswire/ -- Hertz Global Holdings, Inc. (NASDAQ: HTZ) announced today certain changes to the composition of its Board of Directors, effective immediately.

Greg O'Hara, founder and Senior Managing Director of Certares and current Chair of the Hertz Board, is stepping down from the Board. Certares and Knighthead were the principals that led Hertz through reorganization. Thomas Wagner, Managing Partner of Knighthead, will remain on the Board as Vice Chair and Colin Farmer, Senior Managing Director at Certares, will continue to stand as Lead Director. 

Stephen Scherr, Chief Executive Officer of Hertz, will assume the position of Board Chair. Along with this change, Fran Bermanzohn, former Deputy General Counsel at Goldman Sachs, and Jeffrey Nedelman, a Senior Managing Director at Certares, will join the Board as independent directors. 

"It has been a pleasure serving on the Hertz Board for the last 18 months and supporting the company's launch of its new strategic direction under Stephen's leadership," said Mr. O'Hara. "The Certares and Knighthead teams invested in Hertz in 2021 because we saw Hertz's unique position to capitalize on the changing mobility landscape. I have tremendous confidence in Stephen and the Board's ability to provide the leadership necessary to realize our thesis."

"We have made considerable progress since I joined Hertz last February. With the talented leadership team now assembled, we are well-positioned to execute on our core priorities of shared mobility, electrification, and a digital-first customer experience," said Mr. Scherr.  "I am honored to chair this highly qualified Board, and with the addition of Fran and Jeff, the Board is increasingly more independent and diverse in its composition."

The changes announced today increase the size of the Hertz Board of Directors to ten members and the number of independent directors to eight. A full list of Hertz's Board members and their biographies can be found here: https://ir.hertz.com/about/board-of-directors.

ABOUT HERTZ
The Hertz Corporation, a subsidiary of Hertz Global Holdings, Inc., operates the Hertz, Dollar and Thrifty vehicle rental brands throughout North America, Europe, the Caribbean, Latin America, Africa, the Middle East, Asia, Australia and New Zealand. The Hertz Corporation is one of the largest worldwide vehicle rental companies, and the Hertz brand is one of the most recognized globally. Additionally, The Hertz Corporation operates the Firefly vehicle rental brand and Hertz 24/7 car sharing business in international markets and sells vehicles through Hertz Car Sales.

Media Contact:	Investor Contact:
Mickey Mandelbaum / John Perilli / Anne Hart	Johann Rawlinson
Prosek Partners for Hertz	johann.rawlinson@hertz.com
pro-hertz@prosek.com

 

View original content:https://www.prnewswire.com/news-releases/hertz-announces-changes-to-its-board-of-directors-301723992.html

SOURCE Hertz Global Holdings, Inc.

FAQ

What are the recent changes to Hertz's Board of Directors?

Hertz announced that Michael O'Hara is stepping down as Chair, with Stephen Scherr appointed as the new Chair. Fran Bermanzohn and Jeffrey Nedelman join as independent directors.

Why did Michael O'Hara leave the Hertz Board?

Michael O'Hara stepped down after 18 months on the Board, expressing confidence in Stephen Scherr's leadership.

What are Hertz's strategic priorities following the Board changes?

Hertz aims to focus on shared mobility, electrification, and enhancing the digital customer experience.

How will the new board changes affect Hertz's future?

The changes are expected to strengthen leadership and improve strategic execution, positioning Hertz better in a changing mobility landscape.