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ESTERO — Eric Esper has resigned as CFO of Hertz Global Holdings — six weeks after being promoted to the position at the car rental giant, working its way through bankruptcy. He will be replaced by Hertz financial executive Kenny Cheung, according to a statement.
Both Cheung and Esper joined the firm in 2018 and both were promoted Aug. 16, after CFO Jamere Jackson resigned. Esper will remain with the firm until Nov. 1, the release states, to assist Cheung with the transition. The company, in a public filing announcing the changes, adds that Esper will “forfeit his retention bonus under the Company’s Key Employee Retention Program.” The company's overall retention payment program has come under criticism from the federal bankruptcy court overseeing its case.
Cheung was named senior vice president of global financial planning and analysis and CFO of Hertz’s North America unit when he joined the firm in December 2018. He was promoted in August to executive vice president of finance, chief operational finance and restructuring officer, the release states. He previously held financial leadership roles with Nielsen Holdings PLC, most recently as global chief audit executive, and prior to that as a regional COO after serving as regional CFO. Prior to Nielsen, Cheung worked for General Electric in various roles across supply chain, operations, and financial planning and analysis.
“Kenny has developed a deep understanding of our business and we're pleased that he is stepping into this role and expanding his financial leadership responsibilities at this important time as we continue taking steps to best position Hertz for the future,” Hertz CEO Paul Stone says in the statement.
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