Hertz to Pay Frissora $10.5M in Separation Agreement
As part of a separation agreement, Hertz Global Holdings Inc. will pay former CEO Mark Frissora about $10.5 million in cash, which includes his annual bonus for 2013.
Mark Frissora stepped down as Hertz CEO and chairman last month. Photo by Amy Winter.
Mark Frissora stepped down as Hertz CEO and chairman last month. Photo by Amy Winter.
As part of a separation agreement, Hertz Global Holdings Inc. will pay former CEO Mark Frissora about $10.5 million in cash, which includes his annual bonus for 2013.
Last month, Frissora stepped down as Hertz’s CEO and chairman for personal reasons. Hertz says his separation was termination without case, according to a Separation and General Release filed with the Securities and Exchange Commission.
According to the separation agreement, Hertz has agreed to provide Frissora with several benefits including:
All accrued but unpaid obligations through Sept. 15, 2014, including salary, reimbursement of business expenses and payment for unused vacation days.
Eligibility for 68% of the 2014 bonus, which Frissora would have been entitled to.
Car privileges and reimbursement of some medical and health care coverage costs for 24 months after the separation date.
In order to receive the separation payments and benefits, Frissora has agreed to a three-year post-employment cooperation covenant, which includes a two-year post-employment covenant not to compete or solicit employees or clients of the Hertz companies, according to the SEC filing.
More Rental Operations
What Does It Take to Succeed in B2B Rentals?
The fundamentals may be familiar to daily car rental operators, but project-based truck rentals put different demands on the fleet and the business.
Read More →
NPR Builds on International Partnerships to Grow Rental Bookings
With Ana Laborde supporting broker development, NPR Auto Group is tailoring distribution strategies, rate packages, and partnerships to grow international reservations across its three brands.
Read More →
Advantage, Sixt Place Among Top Five in Annual Satisfaction Study
While Enterprise and National retain the top spots in JD Power’s 2026 rankings, the latest customer satisfaction results suggest renters can find competitive service beyond the biggest car rental names.
Read More →
The $100,000 Insurance Trap in Exotic Car Rentals
Exotic rental agencies often rely on customers’ personal auto policies to protect six-figure vehicles. But policy language can dramatically change the coverage for vehicles over $100,000 MSRP.
Read More →
The Booking Is Confirmed, But Is Your Customer Ready to Drive?
For international renters, a confirmed reservation doesn’t always mean they’re eligible to drive. Earlier checks can help operators catch documentation and payment issues before the customer reaches the counter.
Read More →
ICRS 2027 Opens Call for Papers
The International Car Rental Show seeks session proposals on the business, operational, and technology issues facing car rental operators. Submissions are due Jan. 15.
Read More →
Turo to Launch Vehicle Delivery Service
Turo Delivered will let travelers search for vehicles that hosts can deliver directly to hotels, homes, airports, train stations, and other locations.
Read More →
Palm Beach Airport Code Change Creates Car Rental Distribution Gap
A test of rental searches under the old PBI and new DJT airport codes returned largely different sets of brands and vehicles, highlighting a potential distribution problem for rental operators.
Read More →
U-Save Continues Dominican Republic Expansion with Launch in Punta Cana
The new franchise location builds on U-Save’s existing Santo Domingo operation and will begin taking reservations for October 2026.
Read More →
When AI Books the Rental Car, Who Controls the Sale?
As AI moves from comparing rental rates to completing transactions, operators need to understand how travelers find, interpret, rank, and ultimately see their offers. (Part 2 of 2.)
Read More →