Hertz Announces ex-Ford CEO Mark Fields As Interim CEO

Hertz has named Mark Fields as interim CEO, effective immediately. The company has described the move as part of a vision for an all-new organisation that combines the company’s brand strength and global fleet management expertise with technology and innovations, charting a new course for travel, mobility and the automotive industry.

“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 of the Board.

“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 of Directors in June. He is also a senior advisor at TPG Capital and former President and CEO of Ford Motor Company, where he served for 28 years. Additionally, he is Lead Independent Director of cybersecurity company Tanium and serves on technology company Qualcomm’s Board of Directors.

Fields will work closely with the Board to implement Hertz’s strategic vision and lead the company’s interactions with the investment community.

“Hertz is a global icon and I’m honoured to help lead the company into its next 100 years,” said Fields. “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.”

Hertz added that Paul Stone, who was formerly the company’s CEO, will be appointed President and Chief Operations Officer, with the aim of ensuring 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,” O’Hara said. “We were delighted that Paul decided to continue working with Hertz in a senior leadership role.”

Hertz said its restructured business has posted strong financial results due to rebounding travel demand and the company’s operational and financial improvements.