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October 5, 2021

Former Ford CEO Fields to head Hertz on interim basis

Former automaker chief will head restructured car rental company on an interim basis.

By Graeme Roberts

Hertz announced today it had named Mark Fields as interim CEO and Paul Stone as president and chief operations officer.

“It’s an incredibly exciting time for Hertz, and we couldn’t be more thrilled to have Mark’s leadership, first as a board director and now as interim CEO,” said Greg O’Hara, founder and senior managing director at Certares and Hertz’s chairman. “Mark’s¬†extensive background in auto and technology will be critical as we remake Hertz for the future. We are building from a renewed position of strength to reimagine the future, and Mark’s continued leadership on the board and stepping in for the moment as interim CEO are important next steps to take us there.”

Fields joined Hertz’s board in June. He also is a senior advisor at TPG Capital and former president and CEO of Ford where he served for 28 years. In addition, he is lead independent director of Tanium and serves on Qualcomm’s board.

Hertz was owned for 18 years by Ford until 2005 and filed for bankruptcy in May 2020, citing a sharp decline in revenue and future bookings caused by the Covid-19 pandemic but emerged from bankruptcy on 1 July, 2021.

“Hertz is a global icon, and I’m honoured to help lead the company into its next 100 years,” said Fields, who will work closely with the board to implement the company’s strategic vision and will bring his experience as a public company CEO to bear as he leads Hertz’s interactions with the investment community.

“Hertz’s unmatched global footprint will be combined with forward-looking investments that completely change the face of travel and mobility. The world is going to be hearing a lot from Hertz in the weeks and months ahead.”

Stone, who formerly was Hertz’s CEO, will be the company’s president and chief operations officer. He will ensure a strong focus on operations and customer service excellence.

“The Hertz board is deeply grateful to Paul for his service to the company during the restructuring process,” said O’Hara. “We were delighted that Paul decided to continue working with Hertz in a senior leadership role.”

Hertz has restructured its business and posted strong financial results as travel rebounds and as a result of the company’s operational and financial improvements.

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