Hertz Global Holdings Inc. announced today that the Boards of Directors of Hertz Global Holdings Inc. and The Hertz Corp. have appointed Kathryn V. Marinello as president and chief executive officer effective Jan. 3, 2017.
Hertz also announced that John Tague will retire as president and chief executive officer of the companies on Jan. 2, 2017.
Marinello has been elected to the Boards of Directors of the companies to replace Tague in early January.
Hertz also announced that its three longest-serving directors (Non-Executive Chair Linda Fayne Levinson, Compensation Committee Chair Carl T. Berquist, and Financing Committee Chair Michael J. Durham) have chosen to leave the Boards of Directors on Jan. 2, 2017. Following their departure, the Boards will have seven directors, six of whom are independent under the New York Stock Exchange listing rules.
Marinello is a veteran public company CEO who brings a mix of industry experiences that cover many facets of the automotive industry, from OEM to automotive insurance and automotive fleet financing.
She served as the chairman, president, and CEO of Stream Global Services Inc. from 2010 to March 2014. Prior she served as the CEO and president of Ceridian Corp. from 2006 to 2010 and served as the CEO and president of GE Fleet Services at GE Commercial Finance from 2002 to 2006 and GE Insurance Solutions from 1999 to 2002.
"I am honored to have been selected to lead Hertz to its full potential at a time of unprecedented opportunity for the companies,” said Marinello. “I look forward to partnering with Hertz employees as we work to earn sustained industry leadership for the benefit of our shareholders, customers, and team members."
"Kathy is a tireless leader whose record shows a relentless focus on execution and high performance, having led a number of complex businesses and turnaround situations,” said Henry R. Keizer, the newly elected non-executive chair, on behalf of the Boards. “Her financial acumen and hands-on operating style will serve her well as she focuses on the strategic priorities facing Hertz today. Kathy is a world class leader who understands how to create shareholder value."
"I am excited about Hertz and its prospects with Kathy at the helm,” said Carl C. Icahn, chairman of Icahn Enterprises L.P., the company's largest shareholder. “Kathy has a history as a proven CEO and I believe she is the right person to lead Hertz as we move forward. Her consistent track record of successes in consumer and financial services, as well as technology businesses, is impressive. She was extremely well-regarded at GE and successfully turned around Ceridian and Stream."
The Boards thanked Tague for his leadership role at Hertz over the last two years during a challenging time in the industry and wishes him well as he retires from Hertz. The Boards also thanked Levinson, Berquist, and Durham for their service as Hertz directors.