Hertz Global Holdings, Inc (NYSE:HTZ) stock was down on Wednesday following its announcement of a new President and CEO.
Hertz Global Holdings, Inc’s new President and CEO will be Kathryn Marinello. She was chosen by the company’s Board of Directors and will replace current President and CEO John Tague. Tague will retire from these roles on Jan. 2. 2017.
“I am honored to have been selected to lead Hertz to its full potential at a time of unprecedented opportunity for the Companies,” Marinello said in a statement. “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.”
Henry Keizer, the non-executive Chairman of Hertz Global Holdings, Inc’s Board of Directors, says that Marinello has the track record to be the company’s CEO. Carl Icahn also spoke positively about the company’s new pick for CEO. His Icahn Enterprises LP (NASDAQ:IEP) is HTZ’s largest shareholder.
Tague won’t be the only Hertz employee leaving on Jan. 2, 2017. The company will also lose its three longest serving directors. They are Non-Executive Chair Linda Levinson, Compensation Committee Chair Carl Berquist and Financing Committee Chair Michael Durham.
With the three directors leaving Hertz Global Holdings, Inc, it will now only have seven directors. Six of these directors are independent under the New York Stock Exchange listing rules. The car rental company thanked the directors and Tague for their time with it.
HTZ stock was down 7% as of Noon Wednesday.