Hertz Global Announces Kathryn V. Marinello to Become President and Chief Executive Officer
Hertz Global Holdings Inc. announced Dec. 13, that the boards of directors of Hertz Global Holdings Inc. and The Hertz Corp. have appointed Kathryn V. Marinello as president and chief executive officer effective Jan. 3. Hertz also announced that John Tague will retire as president and chief executive officer of the Companies on Jan. 2.
Marinello has been elected to the boards of directors of the companies to replace Tague in early January. Hertz also announced that its three longest serving directors, Non-Executive Chair Linda Fayne Levinson, Compensation Committee Chair Carl T. Berquist and Financing Committee Chair Michael J. Durham have chosen to leave the boards of directors of the companies on Jan. 2. Following their departure, the boards will have seven directors, six of whom are independent under the New York Stock Exchange listing rules.
Marinello is a veteran public company CEO who brings a strong mix of industry experiences that cover many facets of the automotive industry, from OEM to automotive insurance and automotive fleet financing. She has significant experience as a first-rate operating executive with strategic expertise and has significant experience interacting with customers similar to Hertz -- direct consumers, corporations and insurance companies.
Marinello said, "I am honored to have been selected to lead Hertz to its full potential at a time of unprecedented opportunity for the companies. I look forward to partnering with Hertz employees as we work to earn sustained industry leadership for the benefit of our shareholders, customers and team members."
"Kathy is a tireless leader whose record shows a relentless focus on execution and high performance, having led a number of complex businesses and turnaround situations. Her financial acumen and hands-on operating style will serve her well as she focuses on the strategic priorities facing Hertz today. Kathy is a world class leader who understands how to create shareholder value," said Henry R. Keizer, the newly elected non-executive chair, on behalf of the boards.
Carl C. Icahn, chairman of Icahn Enterprises L.P., the company's largest shareholder, commented, "I am excited about Hertz and its prospects with Kathy at the helm. Kathy has a history as a proven CEO and I believe she is the right person to lead Hertz as we move forward. Her consistent track record of successes in consumer and financial services, as well as technology businesses, is impressive. She was extremely well-regarded at GE and successfully turned around Ceridian and Stream."
The Boards thanked Tague for his leadership role at Hertz over the last two years during a challenging time in the industry and wishes him well as he retires from Hertz. The Boards also thanked Levinson, Berquist and Durham for their tireless service as Hertz directors.
