Hertz Global Holdings Inc. today announced that Mark Frissora has stepped down as Hertz’s CEO and chairman for personal reasons.
The Hertz Board of Directors has appointed Brian P. MacDonald, president and CEO of Hertz Equipment Rental Corp. (HERC), to serve as interim CEO of Hertz. In addition, Linda Fayne Levinson, independent lead director of the Hertz Board, has been appointed independent non-executive chair of the board, says Hertz.
The Hertz Board has initiated a search process to identify a permanent CEO. The search process will be led by the board's nominating and governance committee, according to Hertz.
"During Mark's tenure, Hertz has transformed from a single on-airport car rental brand to a world leading rental car company with a portfolio of brands that reach multiple consumer and business segments both on- and off-airport,” said Levinson. “… We appreciate his strong commitment to Hertz."
MacDonald has served as president and CEO of Hertz Equipment Rental Corp. since June 2014, according to Hertz. Prior to joining Hertz, he served as president and CEO of ETP Holdco Corp., an entity formed following Energy Transfer Partners' $5.3 billion acquisition of Sunoco, Inc. He has also served as chief financial officer of the large enterprise business unit at Dell and held several financial management roles at General Motors Corp., including Isuzu Motors Limited.
"I am honored to take on the role of interim CEO during this important time for our company,” said MacDonald. “Hertz is a great business, and I look forward to working closely with the board, senior leadership team and our dedicated and hard-working employees as we build an even stronger future for Hertz."
Hertz remains focused on continuing to run its business and is committed to executing its strategic priorities, including the planned separation of the company's equipment rental business into a separate, publicly traded company, says Hertz.
"The board, and all of us at Hertz, are focused on improving our recent performance,” said Levinson. “We are addressing our challenges head-on and are confident that the actions underway will enable us to move the company forward with great success."