Hertz Global Holdings, Inc. HTZ traded higher in the after-hours session Wednesday amid news that its board may face a shake-up after Barry Rosenstein’s Jana Partners LLC filed an amended 13D with the SEC.
Jana Partners disclosed to the SEC that it “has continued to have discussions with members of the [Hertz’s] board of directors regarding management succession and board composition.
“[Jana] believes that such issues are of heightened importance following the [Hertz’s] recent announcements regarding the restatement of financial results and operational issues including with fleet management and cost controls, all of which the [Jana] believes indicate a lack of sufficient board oversight.
“[Jana] may therefore take steps to alter such board composition, subject to the outcome of [Hertz’s] previously announced management succession search.”
Hertz traded recently at $22.50, up 1.44 percent.
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