Hertz announced changes to the composition of its board of directors, effective immediately.
Greg O'Hara, founder and senior managing director of Certares and current chair of the Hertz board, is stepping down from the board. Certares and Knighthead were the principals that led Hertz through reorganization. Thomas Wagner, managing partner of Knighthead, will remain on the board as vice chair and Colin Farmer, senior managing director at Certares, will continue to stand as lead director.
"It has been a pleasure serving on the Hertz board for the last 18 months and supporting the company's launch of its new strategic direction under Stephen's leadership," said O'Hara in a statement. "The Certares and Knighthead teams invested in Hertz in 2021 because we saw Hertz's unique position to capitalize on the changing mobility landscape. I have tremendous confidence in Stephen and the board's ability to provide the leadership necessary to realize our thesis."
Stephen Scherr, chief executive officer of Hertz, will assume the position of board chair. Along with this change, Fran Bermanzohn, former deputy general counsel at Goldman Sachs, and Jeffrey Nedelman, a senior managing director at Certares, will join the board as independent directors.
"We have made considerable progress since I joined Hertz last February. With the talented leadership team now assembled, we are well-positioned to execute on our core priorities of shared mobility, electrification, and a digital-first customer experience," added Scherr. "I am honored to chair this highly qualified board, and with the addition of Fran and Jeff, the board is increasingly more independent and diverse in its composition."
The changes announced increase the size of the Hertz board of directors to 10 members and the number of independent directors to eight.