09.09.2014

Hertz CEO steps down

Hertz chairman and chief executive Mark Frissora has stepped down from the company 'for personal reasons'.
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Mark Frissora

Brian MacDonald, the recently appointed chief executive of Hertz Equipment Rental, will head the group on an interim basis while a replacement for Frissora is recruited. Non-executive director Linda Fayne Levinson has been appointed as non-executive chairman - see: New CEO selected for Hertz Equipment.
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Brian MacDonald

The move follows previous announcements from Hertz delaying its half yearly results as it worked on restating its 2011 results and reviewing those of 2012 and 2013, following some doubtful accounts in Brazil - see: Hertz continues to struggle and Hertz to restate results.

The company has said that it still intends to proceed with its delayed plans to separate the car and equipment rental businesses into two separately quoted companies.