Hertz Chairman and CEO Frissora steps down

Staff Writer
Columbus CEO

NEW YORK (AP) — Hertz Chairman and CEO Mark Frissora has stepped down from his posts for personal reasons. He had had served as CEO since January 2007.

The car rental company said Monday that Brian P. MacDonald, president and CEO of Hertz Equipment Rental Corp., will serve as interim CEO of Hertz Global Holdings Inc. MacDonald has served as president and CEO of Hertz Equipment Rental since June.

Hertz, based in Park Ridge, New Jersey, said that it has started the search process for a permanent CEO.

MacDonald has led turnarounds at companies including Sunoco Inc. and Isuzu Motors Ltd.

Hertz in in the process of trying to turn its business around. In June, the company said it needed to review and correct financial statements from the last three years because of accounting errors. It has delayed its second-quarter filing as a result.

In late August Hertz withdrew its guidance for 2014, saying it would come up far short of expectations. That same month it was disclosed that activist investor Carl Icahn had taken an 8.5 percent stake in the company.

Hertz said Monday that it is still committed to the planned separation of its equipment rental business into a separate, publicly traded company and expanding its off-airport rental business, among other initiatives.

Independent lead director Linda Fayne Levinson has also been named independent non-executive chair of the board. She's been a Hertz board member since 2012.

Hertz's stock rose $1.24, or 4.4 percent, to $29.75 in premarket trading about 45 minutes ahead of the market open.