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Icahn boosts Hertz stake

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  • | 2:11 p.m. November 26, 2014
  • Charlotte–Lee–Collier
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NAPLES — Carl Icahn boosted his stake in Hertz to over 10% of the company, a move that promises big changes at the struggling car-rental company.

Recent filings with the Securities and Exchange Commission show Icahn now controls nearly 10.8% of the shares of Hertz, which relocated its corporate headquarters to Southwest Florida from New Jersey last year. The company is building an $85 million corporate campus in nearby Estero.

Icahn last week backed the appointment of former United Airlines executive John Tague. Filings show the newly appointed CEO will earn an annual salary of nearly $1.5 million and could earn a bonus of $2.18 million if he meets certain goals. Tague has agreed to buy $2 million worth of Hertz stock on the open market and hold it until the end of 2017.

Mark Frissora resigned as CEO in September after Hertz reported operational and accounting missteps. Frissora engineered the relocation of the company to Southwest Florida.


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