Car rental company Hertz has appointed industry veteran Mark Fields, former CEO of Ford, as interim CEO.
Fields replaces Paul Stone at Hertz
Fields, a former chairman and CEO of Ford and, until now, a senior advisor to TPG Capital, joined Hertz’s board of directors in June. He replaces Paul Stone, who will now head Hertz as the company’s president and chief operating officer.
Mark Fields’ appointment took effect immediately.
Hertz recovers from Covid
In May 2020, Hertz filed for bankruptcy protection. The company was among the first major companies to be heavily impacted by the outbreak last year, as infection numbers have soared, both in terms of travel business and leisure travel, and travel has dropped to a trickle.
Estero out of bankruptcy protection, Fla. The company has since focused on the restructuring process.
Hertz formerly owned by Ford
Ironically, Mark Fields takes control of a company that was once a unit of Ford Motor.
The US automaker sold the company for $5.6 billion in 2005 after purchasing it in 1994.
The 103-year-old car rental company was once owned by General Motors, which sold it to former owner John Hertz in 1953. Subsequent owners included RCA and UAL, the parent company of United Airlines.
Mark Fields left Ford in 2017
Hertz Chairman of the Board Greg O’Hara touted Mark’s “extensive automotive and technology background”, calling it “necessary” as Hertz rebuilds to meet the future, while after 28 years in Fields’s walls, he left Ford in 2017. Remember you left. Three as CEO.
The argument put forward for its “bias”: the manufacturer’s board was dissatisfied with the manufacturer’s progress in transitioning to the electric and autonomous future.
While Fields was praised by former Ford boss Alan Mulally for the way the automaker runs its operations, the company’s profits and shares fell during his tenure as CEO.
Our opinion, by leblogauto.com
“Hertz is a global icon and I am honored to help the company enter its next 100 years,” said Marks Fields. He added that the world “will hear a lot about Hertz in the coming weeks and months.” I hope this is in the right direction…
The new leader’s job was cut for him. His hiring comes just three months after Hertz emerged from bankruptcy and tried to get their operational structures back on track, which had been hit hard by the pandemic.
There is little light at the end of the tunnel: This summer, the car rental industry took advantage of high prices due to vehicle shortages and an irresistible desire to travel.
Sources: Automotive News, Reuters, Associated Press