Hertz Seeks $70M From Frissora, Others
The money was earned as incentive compensation which was tied to an accounting scandal five years ago.
In a March lawsuit, Hertz claimed that the former executives involved pressured employees to inflate income and earnings.
Photo via Depositphotos.
Hertz Global Holdings is pushing for the return of at least $70 million from ex-CEO Mark Frissora and other ex-senior managers, Bloomberg reports.
The money was earned as incentive compensation which was tied to an accounting scandal five years ago.
In a March lawsuit, Hertz claimed that the former executives involved pressured employees to inflate income and earnings. The alleged scheme resulted in a federal investigation and forced Hertz to redo several years of financial reports, which cost the company more than $200 million.
An internal Hertz investigation concluded that Frissora forced Hertz employees to come up with "non-traditional accounting approaches" to meet financial targets in a "pressure-cooker" work environment created by Frissora. Through his lawyer, Frissora denied the charges.
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