The
Hertz Global Holdings Inc.
HTZ 1.34%
chairman who helped lead the company through its postbankruptcy reorganization is stepping down and will be replaced by Chief Executive
Stephen Scherr.
The rental-car outfit said
Greg O’Hara,
the founder and senior managing director of Certares Management LLC, is stepping down after 18 months at the helm of the board. His firm and Knighthead Capital Management LLC jointly won control of the then-bankrupt company in 2021.
Mr. O’Hara will be replaced by Mr. Scherr, who entered Hertz’s C-suite last February.
Thomas Wagner,
a co-founder of Knighthead, will remain on the board as vice chair while Colin Farmer, another senior managing director at Certares, will continue to serve as lead director.
Hertz also said Wednesday that Jeffrey Nedelman, another senior managing director at Certares, is joining the board along with Fran Bermanzohn, a former deputy general counsel at Goldman Sachs Group Inc.
As part of its bankruptcy reorganization, Hertz emerged with a new board that included Certares’ Mr. O’Hara, among other appointees affiliated with the company’s new ownership and some independent directors.
Under the bankruptcy deal, Knighthead, Certares and its co-investors bought the bulk of Hertz’s equity for roughly $2.8 billion. Shareholders and bondholders backed a roughly $1.6 billion equity rights offering, while
Apollo Global Management
purchased $1.5 billion in preferred equity, and received one board seat at the time.
Shares ticked up 2.1% to $17.14 in late-morning trading.
Write to Dean Seal at dean.seal@wsj.com
Corrections & Amplifications
Hertz Global Holdings Inc.’s share price was $17.38 in Wednesday morning trading. An earlier version of this article incorrectly said shares were $7.38. Corrected Jan. 18.
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
The
Hertz Global Holdings Inc.
HTZ 1.34%
chairman who helped lead the company through its postbankruptcy reorganization is stepping down and will be replaced by Chief Executive
Stephen Scherr.
The rental-car outfit said
Greg O’Hara,
the founder and senior managing director of Certares Management LLC, is stepping down after 18 months at the helm of the board. His firm and Knighthead Capital Management LLC jointly won control of the then-bankrupt company in 2021.
Mr. O’Hara will be replaced by Mr. Scherr, who entered Hertz’s C-suite last February.
Thomas Wagner,
a co-founder of Knighthead, will remain on the board as vice chair while Colin Farmer, another senior managing director at Certares, will continue to serve as lead director.
Hertz also said Wednesday that Jeffrey Nedelman, another senior managing director at Certares, is joining the board along with Fran Bermanzohn, a former deputy general counsel at Goldman Sachs Group Inc.
As part of its bankruptcy reorganization, Hertz emerged with a new board that included Certares’ Mr. O’Hara, among other appointees affiliated with the company’s new ownership and some independent directors.
Under the bankruptcy deal, Knighthead, Certares and its co-investors bought the bulk of Hertz’s equity for roughly $2.8 billion. Shareholders and bondholders backed a roughly $1.6 billion equity rights offering, while
Apollo Global Management
purchased $1.5 billion in preferred equity, and received one board seat at the time.
Shares ticked up 2.1% to $17.14 in late-morning trading.
Write to Dean Seal at dean.seal@wsj.com
Corrections & Amplifications
Hertz Global Holdings Inc.’s share price was $17.38 in Wednesday morning trading. An earlier version of this article incorrectly said shares were $7.38. Corrected Jan. 18.
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8