Hertz in Talks to Name New CEO After Bankruptcy, WSJ Reports
(Bloomberg) -- Hertz Global Holdings is in talks to name a new chief executive officer after it emerged from pandemic-triggered bankruptcy, the Wall Street Journal reported, citing people familiar with the matter.
The car-rental business is seeking to reset its management under new owners, an investor group led by Knighthead Capital Management and Certares Management. Current CEO Paul Stone was promoted to the role last May, just days before it filed for Chapter 11 bankruptcy for its U.S. operations, following the onset of the pandemic that sharply curtailed travel demand.
Hertz is talking to several potential candidates and a decision hasn’t been finalized, the newspaper reported. The company would like to make the appointment before its stock is relisted on a major exchange, it added.
Car rental companies have made a comeback this year amid resurgent travel. Rental car prices will continue to remain high and will likely fuel record levels of profitability in the third quarter, Northcoast Research analyst John Healy wrote in a note earlier this month.
Hertz didn’t immediately respond to a request for comment on Saturday.
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