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NAPLES — Hertz says it plans to double its cost-cutting measures to $200 million as it continues to clear up accounting and operational issues.
“Early initiatives have enabled us to increase our cost-reduction commitment from $100 million to a $200 million run rate by year-end 2015, and we continue to pursue opportunities to deliver even greater savings,” says John Tague, the newly installed president and CEO of Hertz.
The car-rental giant is building an $85 million corporate campus in Estero and is currently operating out of temporary headquarters in Naples. Mark Frissora, the CEO who moved the company to Southwest Florida from New Jersey in 2013, resigned in September.
Hertz says it continues its review of financial statements dating back to 2011. “As previously announced, the previously issued financial statements must be restated and should no longer be relied upon,” the company says in a statement. “Hertz continues to expect that it will not be able to file updated financial statements before mid-2015, and there can be no assurance that the process will be completed at that time, or that no additional adjustments will be identified.”
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