Hertz announced Jan 25 that company president Gerald A. Plescia officially retired from the company. Mark P. Frissora, company chairman and CEO, assumes temporary senior management responsibility for HERC until a successor is named. The company expects to conclude the search within the following 90 days.
"During his 32-year Hertz career, Gerry has made many significant contributions to our car and equipment rental businesses, the past 14 years serving as president of HERC," said Frissora. "Gerry helped lead HERC through two deep recessions during the past decade and he leaves the business with an improved internal organization which is realizing significant revenue growth opportunities."
Frissora added that, "As a result, HERC has made a solid contribution to our fourth quarter 2010 results and we expect HERC to generate double-digit revenue growth and achieve a corporate EBITDA margin of 42 percent for the full year 2011."