Hertz chairman and CEO to step down

08 September 2014

Chairman and CEO of US-headquartered Hertz, Mark Frissora, is stepping down for personal reasons, according to the company.

It said he would be replaced by Brian MacDonald, the current CEO of its equipment rental business, Hertz Equipment Rental Corporation (HERC).

Mr MacDonald will serve as interim CEO of Hertz, while Linda Fayne Levinson, the independent lead director of the Hertz Board, has been appointed independent non-executive chair of the board. The company said it had begun a search for a permanent CEO.

Mr Frissora was appointed CEO in 2006 before Hertz’s initial public offering (IPO), while Mr Macdonald has served as president and CEO of HERC since June 2014.

Earlier this year, Hertz announced plans to spin-off the HERC business in an IPO.

In an update in August it said work to split off HERC from the main car rental business was continuing, but wider accounting issues at the company meant that the split was likely to take place later than the initial target date of the first quarter of 2015.

Commenting on Mr MacDonald's interim appointment, Ms Levinson said, "We are fortunate to have a proven leader of Brian's calibre and experience to step into the CEO role on an interim basis while the board conducts its search process.

"Since joining the company, he has hit the ground running. He is a hands-on leader, and we know that he will be actively leading the company forward executing our strategic imperatives during this period.”

Mr MacDonald commented, "I am honoured to take on the role of interim CEO during this important time for our company. Hertz is a great business, and I look forward to working closely with the Board, senior leadership team and our dedicated and hard-working employees as we build an even stronger future for Hertz."

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