Hertz to Pay Frissora $10.5M in Separation Agreement

Mark Frissora stepped down as Hertz CEO and chairman last month. Photo by Amy Winter.
Mark Frissora stepped down as Hertz CEO and chairman last month. Photo by Amy Winter.

As part of a separation agreement, Hertz Global Holdings Inc. will pay former CEO Mark Frissora about $10.5 million in cash, which includes his annual bonus for 2013.

Last month, Frissora stepped down as Hertz’s CEO and chairman for personal reasons. Hertz says his separation was termination without case, according to a Separation and General Release filed with the Securities and Exchange Commission.

According to the separation agreement, Hertz has agreed to provide Frissora with several benefits including:

  • All accrued but unpaid obligations through Sept. 15, 2014, including salary, reimbursement of business expenses and payment for unused vacation days.
  • Eligibility for 68% of the 2014 bonus, which Frissora would have been entitled to.
  • Car privileges and reimbursement of some medical and health care coverage costs for 24 months after the separation date.

In order to receive the separation payments and benefits, Frissora has agreed to a three-year post-employment cooperation covenant, which includes a two-year post-employment covenant not to compete or solicit employees or clients of the Hertz companies, according to the SEC filing.

Comments

  1. alica [ October 1, 2014 @ 10:48AM ]

    What a shame. the employees not getting raise for years but hertz has money to pay ex Ceo for shit. Damn corportations.

  2. Ralph [ October 1, 2014 @ 11:08AM ]

    Alica. The employees are not valued. We are replaceable. so do NOT expect a raise.

  3. Edwin [ October 1, 2014 @ 12:10PM ]

    How nice, NOT. Sad, employees get the hose while this man can go on driving his Bentley and getting all his medical coverage and more perks for a nice long time! I wonder when some of the VP levels will also be gone, very top heavy!

  4. Edwin [ October 1, 2014 @ 12:10PM ]

    How nice, NOT. Sad, employees get the hose while this man can go on driving his Bentley and getting all his medical coverage and more perks for a nice long time! I wonder when some of the VP levels will also be gone, very top heavy!

  5. Kyle [ October 2, 2014 @ 05:08AM ]

    ARE YOU KIDDING ME! YOU TRASH OUR COMPANY AND WALK OUT THE DOOR WITH 10.5 MILLION DOLLARS. Funny I have never once seen your front line employees fired going out with any cash and then you contest the payment of unemployment benefits. The sleezeiest always rises to the top.

  6. Jim [ October 2, 2014 @ 10:44AM ]

    Hopefully, they won't pay him his bonus out until 2016 like they do managers.

  7. SCOTT [ October 2, 2014 @ 10:47AM ]

    WHAT A WAY TO LEAVE. 3 YEARS OF RESTATING INCOME AND STILL GETTING A BONUS. WHAT ABOUT THE REST OF THE COMPANY. SHAME ON HERTZ!!

  8. JOHN [ October 2, 2014 @ 10:59AM ]

    YOU RAN THE COMPANY IN THE GROUND AND YOU GET A BONUS!

  9. Sally [ October 2, 2014 @ 11:21AM ]

    Wow, You take the money and employees are left holding th bag. I hope criminal charges are aganist you when all the financials are released

  10. John [ October 3, 2014 @ 10:38PM ]

    YOU'D LOOK GREAT IN AN ORANGE JUMPSUIT!

  11. Angry [ October 4, 2014 @ 04:03PM ]

    This is complete crap! With a payout like that why does he need to keep getting company paid benefits and a car?! I'm struggling to pay off $2000 in credit card debt to afford my first home and this jerk gets money and cars just handed to him! Lets not forget he also bought a really nice big house in SWFL that is probably a multi million dollar mansion! Seriously why doesn't someone just say NO to these assholes! You don't deserve to leave with anything including your dignity!

  12. HERTZ EMPLOYEE [ October 5, 2014 @ 03:00PM ]

    Frissora spent the companies money with an open ended check book buying other companies in order to make it appear like we were growing and then up rooted everyone at the headquarters in NJ just so he could live and "work" within minutes of his multi-million dollar home in Florida and no one in the upper management or anyone on the board would dare say anything to him.
    I understand this is how it works in almost all major corporations, whomever has the audacity to say, "hey, this is not a good idea" is never promoted or even worse, fired, but this should also mean they ALL should go now with him! WARNING...this company still has a lot of dead weight and yes men at the top!
    And best of all, Frissora and ALL the rest of upper management kept receiving ALL their bonuses and then some, while they screwed everyone and their families out of what was rightfully earned and owed!!!!! I am still waiting for the scraps of what was left from four months ago.
    If your company needs someone to come in and bleed it dry without even so much as a thought for the employees...please hire Mark P. Frissora.

  13. BILL [ October 6, 2014 @ 04:46AM ]

    As a manager at Hertz I've sen the company go from bad to worst. Now maybeit will change. Good riddens to the crook.

  14. JB [ October 6, 2014 @ 09:29AM ]

    What a joke! still waiting on bonuses from January for MOD's. Even after their pay cuts. car bonus is a shop car hopefully your family won't get injured in. nice to see that 1% will never change.

  15. Former DTAG Emplyee [ October 27, 2014 @ 08:29AM ]

    I knew something was wrong when hertz was losing money at the auctions. Its a shame what they did to the company they sold advantage to. Its a shame how they treated their managers and its a shame what they did to many Dtag employees. May Frissora never find a job again. You know your in trouble when a campaign based on smiling for customers costs over 10 million to implement.

  16. Ex Hertz Employee [ November 20, 2014 @ 03:02PM ]

    The worst company to work for on both field and corporate side. They're always trying to hide their problems until it's no longer curable, treat their employees as if they should be thankful to have a job at Hertz, don't promote and don't reward hard-work. Big disconnect between the management and employees. The company policy is to massage the truth in every way possible. The CEO gets free car and a chauffeur on company expense. The managers are clueless and lie about their subordinates' performance for the annual performance evaluation so their subordinates always stay in their position and not demand salary increases. H.R. department is beyond unorganized and take forever to respond. It is not adaptable to change and if you can't offer better ideas because the managers are only used to doing certain things certain way no matter how inefficient they may be. Most of their departments systems run on 40 years old technology that has been known to be unreliable but you have to make the decision based on what the system says because it's not supposed to be wrong. Most of their departments have wrong information in way or another and it makes them create unreliable analysis on everything. If it were up to them, they would make their employees pay the company to work there. It's all a big circus there when nobody trusts anyone else and are hesitant to share ideas, cooperate and work on a team. All the managers want to protect their jobs so they have to know who are interacting with each other and most importantly what they're discussing. The managers will tell you good job to your face but would write negative comments (I have actually come across my performance evaluation file from my manager which was only supposed to be shared with the HR and my manager). When I confronted, I was told that I shouldn't have read it in the first place and it was my fault for going through the confidential information about my performance evaluation. I lost respect for my manager from that day and (s)/he was never able to look me in the eyes. Yes, you know who you are if you're reading this!!!! If you think you want to have a dead-end career, this is the right company to work for. No matter how many CEOs you change, the whole work-environment there is poisonous. It's a circus there, the old CEO is gone and they've brought on a new monkey to dance on the same old music.

  17. wow [ January 1, 2015 @ 12:38PM ]

    So those employee that is separating (laidoff)did not get there 10.5 million...WOW

  18. Stephen [ September 2, 2015 @ 12:35AM ]

    I worked at hertz for two years! Never once getting a raise, never once offered to move up within the company. I have never had to deal with more horrific work envirement or customer service issues. After 19 months of making above average sales or at least above the goal I had enough. That month was my first write up!!' What s joke, literally with the best health care they offered my wife and I went into debt with our second child by 1/3 of my income. Hertz will get what it's deserved all in do time. The best thing that company can do is a compleat overhaul.. Get rid of their middle management reward good salesmen with descent pay to keep the hungry well hungry.. They are out of their damn minds and have little to no clue on what their are doing. If my wife and I didn't have our second child I would have left sooner. They did me no favors not one... Do not ever work for this company regardless of what they say. Do not ever rent from this company. Complain to complain! Call or write the BBB! Do anything to disrupt day to day operations. Better yet if you know any one that works at Hertz offer to buy them lunch and let them know you are sorry they have to work their. It's s sad and sory thing to watch any one undergo the amount of stress they are under. Also make regular trips to the doctor. Make sure your blood pressure stays under control. Etc..

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