Hertz Global Holdings, Inc. announced today that the Boards of Directors of Hertz Global Holdings, Inc. and The Hertz Corporation, have appointed Kathryn V. Marinello as President and Chief Executive Officer effective January 3, 2017.
Hertz also announced that John Tague will retire as President and Chief Executive Officer of the Companies on January 2, 2017.
Ms. Marinello has been elected to the Boards of Directors of the Companies to replace Mr. Tague in early January. Hertz also announced that its three longest serving directors, Non-Executive Chair Linda Fayne Levinson, Compensation Committee Chair Carl T. Berquist and Financing Committee Chair Michael J. Durham have chosen to leave the Boards of Directors of the Companies on January 2, 2017. Following their departure, the Boards will have seven directors, six of whom are independent under the New York Stock Exchange listing rules.
Ms. Marinello is a veteran public company CEO who brings a strong mix of industry experiences that cover many facets of the automotive industry, from OEM to automotive insurance and automotive fleet financing. She has significant experience as a first-rate operating executive with strategic expertise and has significant experience interacting with customers similar to Hertz — direct consumers, corporations and insurance companies.
Ms. Marinello said, “I am honored to have been selected to lead Hertz to its full potential at a time of unprecedented opportunity for the Companies. I look forward to partnering with Hertz employees as we work to earn sustained industry leadership for the benefit of our shareholders, customers and team members.”
“Kathy is a tireless leader whose record shows a relentless focus on execution and high performance, having led a number of complex businesses and turnaround situations. Her financial acumen and hands-on operating style will serve her well as she focuses on the strategic priorities facing Hertz today. Kathy is a world class leader who understands how to create shareholder value,” said Henry R. Keizer, the newly elected Non-Executive Chair, on behalf of the Boards.
Carl C. Icahn, Chairman of Icahn Enterprises L.P., the Company’s largest shareholder, commented, “I am excited about Hertz and its prospects with Kathy at the helm. Kathy has a history as a proven CEO and I believe she is the right person to lead Hertz as we move forward. Her consistent track record of successes in consumer and financial services, as well as technology businesses, is impressive. She was extremely well-regarded at GE and successfully turned around Ceridian and Stream.”
The Boards thanked Mr. Tague for his leadership role at Hertz over the last two years during a challenging time in the industry and wishes him well as he retires from Hertz. The Boards also thanked Ms. Levinson, Mr. Berquist and Mr. Durham for their tireless service as Hertz directors.
ABOUT KATHRYN V. MARINELLO
Ms. Kathryn V. Marinello, also known as Kathy, has served as a Senior Advisor of Ares Management LLC since March 2014. Ms. Marinello served as the Chairman, President and Chief Executive Officer of Stream Global Services, Inc. from 2010 to March 2014. She has a broad career background including experience in banking, business service and technology. Ms. Marinello served as the Chief Executive Officer and President of Ceridian Corporation from 2006 to 2010. She served in a wide variety of senior roles over 10 years at General Electric, leading global, multi-billion dollar financial and services businesses.
She served as the Chief Executive Officer and President of GE Fleet Services at GE Commercial Finance from October 2002 to October 2006 and GE Insurance Solutions from 1999 to 2002. She served as President and Chief Executive Officer of GE Financial Assurance Partnership Marketing Group, a diverse organization that includes GE’s affinity marketing business, Auto & Home Insurance business, and Auto Warranty Service business from December 2000 to October 2002.
Prior to this role, Ms. Marinello served as President of GE Capital Consumer Financial Services and also served as an Executive Vice President of GE Card Services, where she began her GE career in 1997. Prior to GE Capital, she served as President of the Electronic Payments Group at First Data Corporation, where she provided electronic banking and commerce, debit and commercial processing to the financial services industry.
She has also served in senior leadership positions at US Bank, Chemical Bank, Citibank and Barclays. She is an Independent Director of AB Volvo, General Motors Corporation and RealPage, Inc. and a Member of the Supervisory Board at The Nielsen Company B.V.