Hertz CEO Koch to Step Down

PARK RIDGE, N.J. --- Hertz Corp. chairman and chief executive Craig Koch is leaving his post at the rental agency Jan. 1, 2007, after 34 years with the company, BusinessWeek reported.

Koch has been Hertz’s CEO since 1999 and the company’s chairman since 2004.

Ford Motor Co. announced in September, the sale of Hertz to the private equity group of Clayton, Dubilier & Rice, The Carlyle Group and Merrill Lynch Private Equity.

At the end of this year, Clayton partner George Tamke, will take over as chairman while Koch continues on as CEO until 2007, the report said.

Koch was head of North American rental-car operations when he took over as Hertz’s president and chief financial officer in 1993. He was CFO for seven years before becoming the company’s chief executive.

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