Boston, MA 09/12/2014 (wallstreetpr) – According to recent reports, Hertz Global Holdings, Inc. (NYSE:HTZ) has decided to appoint three new directors and for the same cause, it has reached an agreement-in-principal with Carl Icahn. As per the reports, it has signed agreement with Carl Icahn and other entities to give Samuel Merksamer, Vincent J. Intrieri and Daniel A. Ninivaggi place in company’s board of directors as new independent directors.
As per the policy of the company, three existing directors will retire from the board of directors upon the appointment of these three new independent directors. Hertz Global Holdings, Inc. (NYSE:HTZ) has signed an agreement-in-participation with Icahn so that it doesn’t run a proxy contest at the next annual general meeting of shareholders and vote in favor of the nominees of HTZ. As per the reports, shared by the management of HTZ, two of these three new independent directors will join five members committee to find-out new permanent Chief Executive Officer for Hertz Global Holdings, Inc. (NYSE:HTZ).
There have been quite a few changes in the structure of the board of directors of HTZ in a recent past; hence, the total number of members in BOD will become nine after the appointment of these three directors. The board will have ten members as soon as the new CEO is appointed.
Under the new agreement-in-principle, the shareholder rights plan of HTZ will be amended in order to trigger the percentage to 20% and also introduce a few other changes, although it is subjected to execution and negotiation of definitive documentation. The management of HTZ looks forward to the annual general meeting of shareholders where the name of three independent directors will be announced officially. When reporters asked from Linda Fayne Levinson about this issue, she said, “The BOD of Hertz Global Holdings, Inc. (NYSE:HTZ) believes that outcome of the agreement-in-principle is in the best interest of all the employees and shareholders of the company.