Hertz tabs former Ford Chief Executive Mark Fields as interim CEO

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Oct 5 (Reuters) – Hertz Corp (HERTZ.UL) has named former Ford Motor Co Chief Govt Mark Fields as its interim CEO, the rental automobile firm mentioned on Tuesday.

Fields succeeded Alan Mulally as president and CEO of the No. 2 U.S. automaker in 2014. He was ousted in 2017 and changed by Jim Hackett.

Hertz Corp, a subsidiary of Hertz International Holdings , operates the Hertz, Thrifty and Greenback rental automobile manufacturers.

The father or mother firm’s shares have been up practically 10% in mid-day commerce.

Fields joined the Hertz board of administrators in June. He is also a member of Qualcomm’s board and is a senior advisor to TPG Capital (TPG.UL).

At Hertz, Fields succeeds Paul Stone, who turns into president and chief operations officer, the corporate mentioned.

In Could, Hertz mentioned a bunch of traders together with Knighthead Capital Administration, Certares Alternatives and Apollo Capital Administration would fund the corporate’s exit from Chapter 11 chapter.

The 103-year-old rental automobile firm was as soon as owned by Common Motors , which resold it to earlier proprietor John Hertz in 1953. Subsequent homeowners included RCA, United Airways father or mother UAL Corp and Ford, which offered the enterprise in 2005 to non-public fairness agency Clayton, Dubilier & Rice.

Reporting by Paul Lienert in Detroit; Modifying by Will Dunham


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