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NAPLES — Activist investor Carl Icahn sealed a deal for three seats on the nine-member board of directors of car-rental giant Hertz.
The move will give Icahn, who controls 8.48% of the shares of Hertz, a hand in picking the company's next CEO. Chairman and CEO Mark Frissora resigned last week under pressure from investors after lapses in accounting and operations.
“This is a great outcome for Hertz and its shareholders and I thank the Hertz board for taking this important step in putting the company back on track,” says Icahn, in a statement. “I'm confident our designees will quickly prove their value to the board and the company, as they have done on numerous occasions in the past in creating value for all shareholders.”
“We have a talented board with diverse skills and strong voices, all intent on improving Hertz' performance and creating value for all shareholders,” says Linda Fayne Levinson, chair of the Hertz board, in a statement. “We are sure their experience and skill will add value, and we look forward to working with them constructively.”
Hertz last year relocated its corporate headquarters to Southwest Florida from New Jersey. Executives are currently working from leased offices in Naples while a new corporate campus is under construction in Estero.
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