Hertz CEO Steps Down After Accounting Errors

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CEO of Hertz steps down

Sept. 8, 201401:27

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/ Source: Reuters

Mark Frissora has resigned as chief executive of Hertz Global Holdings Inc., citing personal reasons, as pressure from investors mounts following a series of accounting errors. Several investors and analysts named Scott Thompson, former CEO of Dollar Thrifty, as a possible candidate to lead the No. 2 U.S. car rental company. Brian MacDonald, CEO of Hertz's equipment rental business, which will soon be spun off, was named interim chief executive. Hertz has owned up to a string of accounting errors, originating in 2011, that will require it to restate or correct its financial results for the past three years. The company last month withdrew its full-year financial forecast. Frissora, 58, also stepped down as chairman. He was not available for comment. He presided over Hertz's buyout of Dollar Thrifty after a tussle with Avis Budget Group Inc. Disclosing an 8.5 percent stake in Hertz last month, activist investor Carl Icahn said he planned to quiz management over accounting issues.