ESTERO, Fla., Dec. 13, 2016 /PRNewswire/ -- Hertz Global
Holdings, Inc. (NYSE: HTZ) announced today that the Boards of
Directors of Hertz Global Holdings, Inc. ("HGH") and The Hertz
Corporation (together with HGH, the "Companies" or "Hertz"), have
appointed Kathryn V. Marinello as
President and Chief Executive Officer effective January 3, 2017. Hertz also announced
that John Tague will retire as
President and Chief Executive Officer of the Companies on
January 2, 2017.
Ms. Marinello has been elected to the Boards of Directors of the
Companies to replace Mr. Tague in early January. Hertz also
announced that its three longest serving directors, Non-Executive
Chair Linda Fayne Levinson,
Compensation Committee Chair Carl T.
Berquist and Financing Committee Chair Michael J. Durham have chosen to leave the
Boards of Directors of the Companies on January 2, 2017. Following their departure,
the Boards will have seven directors, six of whom are independent
under the New York Stock Exchange listing rules.
Ms. Marinello is a veteran public company CEO who brings a
strong mix of industry experiences that cover many facets of the
automotive industry, from OEM to automotive insurance and
automotive fleet financing. She has significant experience as
a first-rate operating executive with strategic expertise and has
significant experience interacting with customers similar to Hertz
-- direct consumers, corporations and insurance companies.
Ms. Marinello said, "I am honored to have been selected to lead
Hertz to its full potential at a time of unprecedented opportunity
for the Companies. I look forward to partnering with Hertz
employees as we work to earn sustained industry leadership for the
benefit of our shareholders, customers and team members."
"Kathy is a tireless leader whose record shows a relentless
focus on execution and high performance, having led a number of
complex businesses and turnaround situations. Her financial
acumen and hands-on operating style will serve her well as she
focuses on the strategic priorities facing Hertz today. Kathy
is a world class leader who understands how to create shareholder
value," said Henry R. Keizer, the
newly elected Non-Executive Chair, on behalf of the Boards.
Carl C. Icahn, Chairman of Icahn
Enterprises L.P., the Company's largest shareholder, commented, "I
am excited about Hertz and its prospects with Kathy at the
helm. Kathy has a history as a proven CEO and I believe she
is the right person to lead Hertz as we move forward. Her
consistent track record of successes in consumer and financial
services, as well as technology businesses, is impressive.
She was extremely well-regarded at GE and successfully turned
around Ceridian and Stream."
The Boards thanked Mr. Tague for his leadership role at Hertz
over the last two years during a challenging time in the industry
and wishes him well as he retires from Hertz. The Boards also
thanked Ms. Levinson, Mr. Berquist and Mr. Durham for their
tireless service as Hertz directors.
ABOUT KATHRYN V. MARINELLO
Ms. Kathryn V. Marinello, also known
as Kathy, has served as a Senior Advisor of Ares Management LLC
since March 2014. Ms. Marinello
served as the Chairman, President and Chief Executive Officer of
Stream Global Services, Inc. from 2010 to March 2014. She has a broad career background
including experience in banking, business service and technology.
Ms. Marinello served as the Chief Executive Officer and President
of Ceridian Corporation from 2006 to 2010. She served in a wide
variety of senior roles over 10 years at General Electric, leading
global, multi-billion dollar financial and services businesses. She
served as the Chief Executive Officer and President of GE Fleet
Services at GE Commercial Finance from October 2002 to October
2006 and GE Insurance Solutions from 1999 to 2002. She
served as President and Chief Executive Officer of GE Financial
Assurance Partnership Marketing Group, a diverse organization that
includes GE's affinity marketing business, Auto & Home
Insurance business, and Auto Warranty Service business from
December 2000 to October 2002. Prior to this role, Ms. Marinello
served as President of GE Capital Consumer Financial Services and
also served as an Executive Vice President of GE Card Services,
where she began her GE career in 1997. Prior to GE Capital, she
served as President of the Electronic Payments Group at First Data
Corporation, where she provided electronic banking and commerce,
debit and commercial processing to the financial services industry.
She has also served in senior leadership positions at US Bank,
Chemical Bank, Citibank and Barclays. She is an Independent
Director of AB Volvo, General Motors Corporation and RealPage, Inc.
and a Member of the Supervisory Board at The Nielsen Company
B.V.
ABOUT HERTZ GLOBAL
Hertz Global operates the Hertz, Dollar and Thrifty vehicle rental
brands through its operating company The Hertz Corporation and its
subsidiaries, in approximately 10,000 corporate and franchisee
locations throughout North
America, Europe,
Latin America, Africa, the Middle
East, Asia, Australia and New
Zealand. Hertz Global is one of the largest worldwide
airport general use vehicle rental companies, and the Hertz brand
is one of the most recognized in the world. Product and service
initiatives such as Hertz Gold Plus Rewards, Carfirmations, Mobile
Wi-Fi and unique vehicles offered through the Adrenaline, Dream,
Green and Prestige Collections set Hertz Global apart from the
competition. Additionally, Hertz Global owns the vehicle
leasing and fleet management leader Donlen Corporation, operates
the Hertz 24/7 hourly vehicle rental business in international
markets and sells vehicles through its Rent2Buy program. For more
information about Hertz Global, visit: www.hertz.com.
CAUTIONARY NOTE CONCERNING FORWARD LOOKING STATEMENTS
Certain statements contained in this release, and in related
comments by the Company's management, include "forward-looking
statements." Forward-looking statements include information
concerning the Company's liquidity and its possible or assumed
future results of operations, including descriptions of its
business strategies. These statements often include words such as
"believe," "expect," "project," "potential," "anticipate,"
"intend," "plan," "estimate," "seek," "will," "may," "would,"
"should," "could," "forecasts" or similar expressions. These
statements are based on certain assumptions that the Company has
made in light of its experience in the industry as well as its
perceptions of historical trends, current conditions, expected
future developments and other factors it believes are appropriate
in these circumstances. The Company believes these judgments are
reasonable, but you should understand that these statements are not
guarantees of performance or results, and the Company's actual
results could differ materially from those expressed in the
forward-looking statements due to a variety of important factors,
both positive and negative, that may be revised or supplemented in
subsequent reports on Forms 10-K, 10-Q and 8-K filed or furnished
to the Securities and Exchange Commission ("SEC"). Among other
items, such factors could include: any claims, investigations or
proceedings arising as a result of the restatement of our
previously issued financial results; our ability to remediate the
material weaknesses in our internal controls over financial
reporting; levels of travel demand, particularly with respect to
airline passenger traffic in the United
States and in global markets; the effect of our separation
of our vehicle and equipment rental businesses, any failure by Herc
Holdings Inc. to comply with the agreements entered into in
connection with the separation and our ability to obtain the
expected benefits of the separation; significant changes in the
competitive environment, including as a result of industry
consolidation, and the effect of competition in our markets on
rental volume and pricing, including on our pricing policies or use
of incentives; increased vehicle costs due to declines in the value
of our non-program vehicles; occurrences that disrupt rental
activity during our peak periods; our ability to purchase
adequate supplies of competitively priced vehicles and risks
relating to increases in the cost of the vehicles we purchase; our
ability to accurately estimate future levels of rental activity and
adjust the number and mix of vehicles used in our rental operations
accordingly; our ability to maintain sufficient liquidity and the
availability to us of additional or continued sources of financing
for our revenue earning vehicles and to refinance our existing
indebtedness; our ability to adequately respond to changes in
technology and customer demands; our ability to maintain access to
third-party distribution channels, including current or favorable
prices, commission structures and transaction volumes; an increase
in our vehicle costs or disruption to our rental activity,
particularly during our peak periods, due to safety recalls by the
manufacturers of our vehicles; a major disruption in our
communication or centralized information networks; financial
instability of the manufacturers of our vehicles; any impact on us
from the actions of our franchisees, dealers and independent
contractors; our ability to maintain profitability during adverse
economic cycles and unfavorable external events (including war,
terrorist acts, natural disasters and epidemic disease); shortages
of fuel and increases or volatility in fuel costs; our ability to
successfully integrate acquisitions and complete dispositions; our
ability to maintain favorable brand recognition; costs and risks
associated with litigation and investigations; risks related to our
indebtedness, including our substantial amount of debt, our ability
to incur substantially more debt, the fact that substantially all
of our consolidated assets secure certain of our outstanding
indebtedness and increases in interest rates or in our borrowing
margins; our ability to meet the financial and other covenants
contained in our Senior Facilities, our outstanding unsecured
Senior Notes and certain asset-backed and asset-based arrangements;
changes in accounting principles, or their application or
interpretation, and our ability to make accurate estimates and the
assumptions underlying the estimates, which could have an effect on
earnings; risks associated with operating in many different
countries, including the risk of a violation or alleged violation
of applicable anticorruption or antibribery laws; the Company's
ability to successfully outsource a significant portion of its
information technology services or other activities; changes in the
existing, or the adoption of new laws, regulations, policies or
other activities of governments, agencies and similar organizations
where such actions may affect our operations, the cost thereof or
applicable tax rates; changes to our senior management team and the
dependence of our business operations on our senior management
team; the effect of tangible and intangible asset impairment
charges; our exposure to uninsured claims in excess of historical
levels; fluctuations in interest rates and commodity prices; our
exposure to fluctuations in foreign exchange rates and other risks
described from time to time in periodic and current reports that we
file with the SEC.
Additional information concerning these and other factors can be
found in our filings with the SEC, including Old Hertz Holdings'
Annual Report on Form 10-K, and our recent Quarterly Reports on
Form 10-Q and Current Reports on Form 8-K.
You should not place undue reliance on forward-looking statements.
All forward-looking statements attributable to the Company or
persons acting on its behalf are expressly qualified in their
entirety by the foregoing cautionary statements. All such
statements speak only as of the date made, and the Company
undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.
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SOURCE Hertz Global Holdings, Inc.