Hearts car rentals are parked in rental lots near Detroit Metropolitan Airport in Romulus, Michigan.
Rebecca Cook | Reuters
Share Hertz Global It increased by 13.3% on Tuesday after the car rental company appointed former Ford CEO Mark Fields as interim CEO.
fieldsHe led Ford from 2014 to 2017 and joined Hearts’ board of directors in June. He is a senior advisor to TPG Capital and a contributor to CNBC.
According to Hearts, Fields is the successor to Paul Stone, who is becoming president and chief operating officer.
According to the company, the appointment will come into effect immediately.
Hertz is at an important stage after breaking out of bankruptcy in June.The company’s business is Devastated last year The coronavirus pandemic has forced restructuring and debt reduction.
“Hertz’s unrivaled global footprint will be combined with positive investments that will completely change the face of travel and mobility,” Fields said in a statement. “The world will hear a lot from Hearts weeks or months ahead.”
As of 11:15 am on Tuesday, Hertz’s share price rose 11.4% to $ 22.45.
In May, Hertz said a group of investors, including Knighthead Capital Management, Certares Opportunities and Apollo Capital Management, are funding the company’s withdrawal from bankruptcy in Chapter 11. $ 6 billion turnaround plan.
Fields is not always known as a turnaround expert. After spending 22 years in Ford, he was banished from automaker leaders in 2017 due to the company’s slump in stock prices and the lack of a firm vision of automakers for electric and self-driving cars.
In Ford, he took over the former Boeing Alan Mulally, CEO of commercial aircraft, is known for turning the automaker’s business around and preventing it from going bankrupt during the Great Recession.
Hearts Appoints Ford CEO Mark Fields as Interim CEO
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