Boston, MA 09/11/2014 (wallstreetpr) – Former race driver and owner of racing team owner Roger Penske could find his way into Hertz Global Holdings, Inc. (NYSE:HTZ) board after reports emerged he was being the company’s two largest shareholders. Bloomberg is quoting people with inside information on the matter.
Bolstering Experience at Hertz
The two largest shareholders are also reportedly pushing for the appointment of William Lobeck former CEO of Vanguard Car Rental as well as Vince Wasik, who is a former CEO of National car. The push to hire the more experienced directors is a move by the investors to shore up lack of experience in the company. There have been suggestions that Scott Thompson might be’ appointed the next CEO.
Thompson, reportedly lacks experience on international operations as well as premium brands of which an additional of the more experienced directors will help a great deal in impacting businesses in these areas. Void in the top seat was’ created after CEO and Chairman, Mark Frissora, was forced to step down after mounting pressure from investors who had aired their disgust on accounting and operational missteps.
Hertz Dismisses Resignations Reasons
Hertz Global Holdings, Inc. (NYSE:HTZ) had reported that the former CEO and Chairman had left because of personal reasons, but it is alleged in the investor’s community that the company might have needed a new restart in terms of leadership. Brian McDonald, Hertz Global Holdings, Inc. (NYSE:HTZ) head of Equipment Rental Corp has consequently been appointed to hold the top set on an interim basis.
Frissora stepped down having overseen the company transition into a public company in 2006, as well as the acquisition of Dollar Thrifty. The acquisition in a way benefited the company for years as it suppressed the level of competition in the space. The resignation comes amidst concerns that the company might have failed miserably to capitalize on the suppression of competition in the space. Hertz Global Holdings, Inc. (NYSE:HTZ) is facing its own problems in the market seen by the fact that its stock is 3.2% down for the year compared to Avis Budget group which is already 57% up.