Hertz Proposes $14.6M in Exec Bonuses Following Bankruptcy
The new round of bonuses would have to be approved by the judge overseeing Hertz's bankruptcy case.
If approved, Stone, who assumed the role in May along with a $700,000 retention bonus — could receive $1.6 million.
Photo via Depositphotos.
Hertz is planning on passing out $14.6 million in bonuses, with $5.4 million allotted for CEO Paul Stone and 13 other top managers, the Wall Street Journal reports.
In May, Hertz filed Chapter 11 bankruptcy after laying off thousands of employees and paying "retention" bonuses to executives to incentivize them to stay.
The new round of bonuses would have to be approved by the judge overseeing Hertz's bankruptcy case. If approved, Stone, who assumed the role in May along with a $700,000 retention bonus — could receive $1.6 million. Congress outlawed retention bonuses 15 years ago, but bankruptcy lawyers have since created "incentive" programs to retain executives.
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