Hertz chief executive Mark Frissora is to leave the company, citing “personal reasons”.
His interim replacement Brian MacDonald is a specialist in corporate turnrounds who has been running Hertz’s equipment rental business.
Shares in the car rental company, struggling with accounting problems, rose on Monday after the announcement.
Frissora had been in the post since July 2006.
Hertz warned last month that an accounting review could be worse than expected. It also disclosed that its results for this year were “well below” expectations and said it was withdrawing its financial guidance, the Wall Street Journal reported.
Linda Levinson, previously Hertz’s independent lead director, will take over Frissora’s role as chairman.
She said that, under Mr Frissora’s leadership, Hertz had been transformed from an airport car rental brand into a world-leading car rental company with a portfolio of brands in multiple business and consumer segments.
However, MacDonald had “hit the ground running” since joining the company, she added. He previously led turnrounds of Sunoco, another equipment rental company, and Isuzu Motors.
“We are fortunate to have a proven leader of Brian’s calibre and experience to step into the CEO role on an interim basis while the board conducts its search process,” Levinson said.
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