Car rental giant Hertz Global Holdings, Inc. (NASDAQ: HTZ) announced today certain changes to the composition of its Board of Directors, effective immediately.
Greg O'Hara , founder and Senior Managing Director of Certares and current Chair of the Hertz Board, is stepping down from the Board. Certares and Knighthead were the principals that led Hertz through reorganization. Thomas Wagner , Managing Partner of Knighthead, will remain on the Board as Vice Chair and Colin Farmer , Senior Managing Director at Certares, will continue to stand as Lead Director.
CEO Stephen Scherr will assume the position of Board Chair. Along with this change, Fran Bermanzohn , former Deputy General Counsel at Goldman Sachs, and Jeffrey Nedelman , a Senior Managing Director at Certares, will join the Board as independent directors.
"It has been a pleasure serving on the Hertz Board for the last 18 months and supporting the company's launch of its new strategic direction under Stephen's leadership," said O'Hara. "The Certares and Knighthead teams invested in Hertz in 2021 because we saw Hertz's unique position to capitalize on the changing mobility landscape. I have tremendous confidence in Stephen and the Board's ability to provide the leadership necessary to realize our thesis."
The changes announced today increase the size of the Hertz Board of Directors to ten members and the number of independent directors to eight..
HTZ faltered $1.71 to $16.68.
