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Don't feel too sorry for Hertz's former chairman and CEO Mark Frissora.
Frissora resigned Sept. 8 in the wake of a revolt by shareholders, including activist investor Carl Icahn, after a series of accounting and operational missteps at the car-rental giant.
Frissora engineered the relocation of Hertz's corporate headquarters last year from New Jersey to Southwest Florida. Top executives of the company now work out of leased office space in Naples, but Hertz is building an $85 million corporate campus in nearby Estero.
A separation agreement with Hertz filed with the U.S. Securities and Exchange Commission shows Frissora will receive a cash payment of $10.5 million plus all his vested benefits.
In 2013, Frissora's total compensation was $16.3 million, including $8.2 million in stock awards, SEC documents show. Hertz also paid for Frissora's personal use of the corporate aircraft, a car with driver, housing and personal financial-planning and tax assistance.
For the next two years, Frissora will continue to receive car privileges and reimbursement of undisclosed health care and medical coverage, SEC documents say.
In return, Frissora has agreed not to compete with Hertz or solicit employees or clients for two years. In addition, Hertz and Frissora have agreed to a “non-disparagement” covenant.
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