Hertz CFO Steps Down
Hertz Global Holdings (NYSE: HTZ) announced today that its Senior Executive Vice President and Chief Financial Officer, Elyse Douglas, has decided for personal reasons to step down from her current role, effective October 1, 2013. Ms. Douglas will stay with the company through December 31, 2013, helping the Company complete several strategic projects and assisting in the transition of her responsibilities to her successor. David J. Rosenberg, currently the Chief Financial Officer of Hertz International, Ltd. will serve as the Company's CFO on an interim basis while internal and external candidates are considered to fill the CFO position.
Mr. Rosenberg has 20 years of diverse finance and accounting experience with multi-national corporations. Before assuming his current role as CFO of Hertz International in 2011, he was Controller, Global Reporting, Policies and Procedures for the Company from 2009 – 2011. Prior to that, he held senior financial positions at Ralph Lauren Corporation (Vice President and Corporate Assistant Controller from 2006-2009), Coty, Inc. (Vice President and Corporate Assistant Controller from 2001 -2006) and Nabisco (Director, Financial Planning and Analysis during 2000 – 2001). Mr. Rosenberg started his career at Coopers & Lybrand. He holds a CPA designation and has an MBA in Accounting and Finance from Northeastern University, as well as a BBA - Finance from Emory University.
Hertz announced on May 7, 2013 that it would relocate its corporate headquarters from Park Ridge, New Jersey to Estero, Florida. The Company's Chairman and CEO, Mark P. Frissora, and its Board of Directors, requested that key executives, including the CFO, move with the company and establish residency in the State of Florida. As of October 2013, the executive team will become the first group of Hertz employees to relocate to a temporary site in Naples, Florida, while the new headquarters is constructed in Estero. Ms. Douglas has informed Mr. Frissora and the Hertz Board that, for personal reasons, she is unable to relocate from the metropolitan New York City area.
"Elyse Douglas has been a valued member of the Hertz senior management team since she assumed the CFO role in August 2007," said Mark Frissora. "Elyse and her finance team helped lead us through the financial crisis in 2008 – 2009, transform our balance sheet in the aftermath of the recession, and engineer key acquisitions including Donlen and Dollar Thrifty, and our recent investment in China Auto Rental. Speaking for the entire senior team and the Board, Elyse's contributions to our success have been outstanding, and she will be missed by all of us. We understand that her situation makes a move to Florida impossible and we support her decision to step down," he added.
"Being CFO of Hertz has been a fantastic professional experience and it's disappointing that I'm not able to join the senior team in Florida," said Ms. Douglas. "The Company has tremendous growth opportunities, and has a great culture based on transparency and integrity. I look forward to watching Hertz capitalize on its strengths and new initiatives," she added.
Mr. Frissora, Ms. Douglas and Mr. Rosenberg will be attending the MKM Partners Entertainment and Leisure Conference at the Grand Hyatt Hotel in New York City on September 26, 2013.
About Hertz Hertz Global Holdings, through its subsidiary The Hertz Corporation ("Hertz," the "Company" or "we"), operates its car rental business through the Hertz, Dollar and Thrifty brands from approximately 10,460 corporate, licensee and franchisee locations in North America, Europe, Latin America, Asia, Australia, Africa, the Middle East and New Zealand. Hertz is the largest worldwide airport general use car rental brand, operating from approximately 8,960 corporate and licensee locations in approximately 150 countries. Our Dollar and Thrifty brands have approximately 1,500 corporate and franchisee locations in 85 countries. Our Hertz brand name is one of the most recognized in the world, signifying leadership in quality rental services and products. We are one of the only car rental companies that has an extensive network of company operated rental locations both in the United States and in all major European markets. We believe that we maintain the leading airport car rental brand market share, by overall reported revenues, in the United States and at 120 major airports in Europe where we have company operated locations and where data regarding car rental concessionaire activity is available. We believe that we also maintain the second largest market share, by overall reported revenues, in the off-airport car rental market in the United States. In our equipment rental business segment, we rent equipment through approximately 340 branches in the United States, Canada, France, Spain, China and Saudi Arabia, as well as through our international licensees. We and our predecessors have been in the car rental business since 1918 and in the equipment rental business since 1965. We also own Donlen Corporation, based in Northbrook, Illinois, which is a leader in providing fleet leasing and management services.
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