Hertz Announces Departure of Chief Financial Officer

(Neutral)

Rhea-AI Summary

Hertz Global Holdings has appointed Alexandra Brooks as interim Chief Financial Officer effective April 1, 2023. She succeeds Kenny Cheung, who will leave to pursue another opportunity but will assist in the transition until April 14, 2023. Hertz is actively seeking a permanent CFO. The transition marks a significant leadership change as the company focuses on its strategic priorities to enhance shareholder value.

Positive

Appointment of Alexandra Brooks as interim CFO indicates a commitment to leadership continuity.
Kenny Cheung's departure is amicable, ensuring a smooth transition and maintaining investor confidence.

Negative

Leadership changes may introduce uncertainties regarding ongoing financial strategies.
Departure of a CFO could raise concerns about the financial direction and stability of the company.

News Market Reaction – HTZ

-0.64%

-0.64% Session move

In the trading session that priced this news, HTZ declined 0.64%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

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03/27/2023 - 07:30 AM

ESTERO, Fla., March 27, 2023 /PRNewswire/ -- Hertz Global Holdings, Inc. (Nasdaq: HTZ) today announced that it has appointed Alexandra Brooks, its Chief Accounting Officer, as interim Chief Financial Officer effective April 1, 2023. Ms. Brooks will replace Kenny Cheung, who is leaving the company to pursue another professional opportunity in a different industry.

Hertz is initiating a formal search process for the selection of its permanent Chief Financial Officer. Mr. Cheung will remain at the company until April 14, 2023, to support the first quarter financial closing process and ensure an orderly transition to Ms. Brooks.
"I would like to thank Kenny for his contributions to Hertz and we wish him the best in his future endeavors," said Stephen Scherr, Chair and Chief Executive Officer of Hertz.

"It has been a privilege to be the CFO of Hertz over the last two and a half years and to close my career at the company on a positive note at the end of this quarter," said Kenny Cheung. "I am confident that under Stephen's leadership, Hertz is well-positioned to deliver on its strategic priorities and create long-term value for shareholders."

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. For more information about The Hertz Corporation, visit www.hertz.com.

View original content:https://www.prnewswire.com/news-releases/hertz-announces-departure-of-chief-financial-officer-301781699.html

SOURCE Hertz Global Holdings, Inc.

FAQ

Who is the new Chief Financial Officer of Hertz?

Alexandra Brooks has been appointed as interim Chief Financial Officer of Hertz, effective April 1, 2023.

Why did Kenny Cheung leave Hertz?

Kenny Cheung is leaving Hertz to pursue another professional opportunity in a different industry.

When will Kenny Cheung officially leave Hertz?

Kenny Cheung will remain at Hertz until April 14, 2023, to assist in the transition.

Is Hertz looking for a permanent CFO?

Yes, Hertz is initiating a formal search process for a permanent Chief Financial Officer.

What impact could the CFO change have on Hertz's stock?

Leadership changes can introduce uncertainties, which may affect investor confidence and stock performance.