In addition, Linda Fayne Levinson,
Independent Lead Director of the Hertz Board, has been appointed
Independent Non-Executive Chair of the Board. The Hertz Board has
initiated a search process to identify a permanent CEO. The search
process will be led by the Board's Nominating and Governance Committee,
which consists solely of independent directors, with the assistance of
an executive search firm. Internal and external candidates will be
Levinson commented, "During Mark's tenure, Hertz has transformed from a
single on-airport car rental brand to a world leading rental car
company with a portfolio of brands that reach multiple consumer and
business segments both on- and off-airport. With the acquisition of
Donlen, not only did he bring the Company into fleet leasing, but
acquired important technology that gives both leasing and car rental a
competitive advantage. We appreciate his strong commitment to Hertz."
Levinson continued, "We are fortunate to have a proven leader of
Brian's caliber and experience to step into the CEO role on an interim
basis while the Board conducts its search process. Since joining the
Company, he has hit the ground running. He is a hands-on leader, and we
know that he will be actively leading the Company forward executing our
strategic imperatives during this period. Brian has the Board's full
support to execute the changes needed to drive shareholder value. We are
confident that Brian's abilities and experience at Hertz and elsewhere,
together with the talent of the current management team, will ensure a
smooth leadership transition for the benefit of all our stakeholders."
MacDonald brings a strong record to Hertz, having successfully led
major corporate turnarounds at other companies, including Sunoco, Inc.
and Isuzu Motors Limited. He also brings significant finance and
accounting experience in his prior executive role at Dell, Inc., as
Chair of the Audit Committee of CSC (formerly Computer Sciences
Corporation) and as a former director and member of the Audit Committee
of the Board of Directors at Ally Financial, Inc., where he was
appointed as a director designee by the U.S. Treasury Department.
MacDonald commented, "I am honored to take on the role of interim CEO
during this important time for our company. Hertz is a great business,
and I look forward to working closely with the Board, senior leadership
team and our dedicated and hard-working employees as we build an even
stronger future for Hertz."
Levinson concluded, "The Board, and all of us at Hertz, are focused on
improving our recent performance. We are addressing our challenges
head-on and are confident that the actions underway will enable us to
move the Company forward with great success. Hertz has a strong
foundation in place, and we have a clear strategic direction that we
believe will create significant additional value for Hertz shareholders.
We are committed to ensuring that the Company fully capitalizes on
these strengths, and we look forward to continuing our dialogue with
shareholders as we execute on our plans."
Company remains focused on continuing to run its business and is
committed to executing its strategic priorities, including continuing to
advance the planned separation of the Company's equipment rental
business into a separate, publicly traded company; further integrating
and gaining the synergies of Dollar Thrifty; expanding Hertz's
off-airport footprint; and building on the Company's success with Donlen
About Brian P. MacDonald
Brian P. MacDonald has served as President and Chief Executive Officer of Hertz Equipment Rental Corporation since June 2014.
to joining Hertz, Mr. MacDonald served as President and Chief Executive
Officer of ETP Holdco Corp., an entity formed following Energy Transfer
Partners' $5.3 billion acquisition
of Sunoco, Inc. in 2012, where Mr. MacDonald had served as Chairman,
President and Chief Executive Officer prior to ETP's acquisition of
Sunoco. Mr. MacDonald joined Sunoco in 2009 as Senior Vice President and
Chief Financial Officer. During his tenure with Sunoco, the Company
undertook a substantial restructuring to strengthen and transform the
organization and better position it for growth. Sunoco exited
unprofitable operations, significantly reduced costs, improved
efficiencies, and refocused on established high-return businesses.
to Sunoco, Mr. MacDonald worked at Dell, Inc. as Chief Financial
Officer of the Large Enterprise Business Unit, overseeing all aspects of
its financial management, and was involved with the Company's
accounting restatement. Before becoming the unit's CFO in 2008, he
served as Dell's corporate Vice President and Treasurer. In this role,
Mr. MacDonald led Dell's mergers and acquisitions organization and
headed the Company's global treasury group.
to Dell, Mr. MacDonald served in several financial management roles at
General Motors Corporation, including at Isuzu Motors Limited, a $12 billion Japanese public company that was 49 percent owned by General Motors at the time and Treasurer of GM Canada, a $28 billion operating subsidiary.
MacDonald serves on the board of directors of CSC (formerly Computer
Sciences Corporation) and previously served as a director at Ally
Financial, Inc. where he was appointed as a director designee by the
U.S. Treasury Department. He earned a Bachelor of Science from Mount Allison University and received a Masters in Business Administration from McGill University.
About Linda Fayne Levinson
Linda Fayne Levinson is
Independent Lead Director of the Hertz Board of Directors. Ms. Levinson
joined the Hertz Board in 2012, and is currently Chair of the
Nominating and Governance Committee, and a member of the Compensation
Levinson has extensive industry, strategic, general management,
investment experience and board experience. She has worked in multiple
segments of the travel industry, including airlines early in her career
and again as a partner at Wings Partners when they took Northwest
Airlines private; at American Express where she led the leisure travel
agency and tour business; and as a Board Director and investor in
lastminute.com, an early entrant into digital distribution. Ms. Levinson
gained strategic and diverse industry experience at McKinsey & Co
where she was the first woman named a partner. She has both investment
and technology experience as a partner at GRP Partners, a venture
capital firm, where she invested and helped grow multiple e-commerce and
search companies and built successful public companies. Ms. Levinson is
an experienced corporate director, expert in succession planning,
corporate governance and executive compensation, serving on multiple
Boards and chairing both Compensation and Nominating and Governance
Committees as well as serving as Lead Independent Director of NCR from
2007 to 2013. Ms. Levinson's extensive management and leadership
experience, her in-depth knowledge of corporate governance issues and
her diversity of perspective provide the Company with valuable insight
with regard to Hertz's global operations.
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