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The vultures are circling around another wounded corporate animal.
The latest struggling Southwest Florida company is a big newcomer to the area: global car-rental giant Hertz. The company recently moved its corporate headquarters to Southwest Florida with great fanfare, where it is building a new campus in Estero.
Carl Icahn and other activist shareholders have called for change at Hertz, including among the top executive ranks, as the company struggles with a review of the last three years' worth of earnings. Most recently, Hertz says it will delay its quarterly earnings report until an accounting review is completed and it may have to restate financials for three years.
In a statement, Hertz says: “While it will take time to complete the accounting review, we are making progress. We are in the process of implementing new procedures and controls, and we have made a number of important additions to the accounting and finance teams over the past few months.”
But behind the scenes, you can bet Icahn and others are agitating for a shakeup. Bloomberg reported recently that shareholder Fir Tree Partners called for Hertz Chairman and CEO Mark Frissora to resign.
Still, the crisis is unlikely to affect the company's move to Southwest Florida. Most of Hertz top executives have already relocated here and construction of the new campus is well underway.
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