Hertz rental cars are parked in a rental car park near the Detroit Metropolitan Airport in Romulus, Michigan.
Rebecca Cook | Reuters
Shares in Hertz Global up as much as 13.3% on Tuesday after the car rental company named former Ford CEO Mark Fields as interim CEO.
fields, who led Ford from 2014 to 2017, joined Hertz’s board of directors in June. He is a senior advisor to TPG Capital and a CNBC employee.
Hertz said Fields will succeed Paul Stone, who will become president and chief operations officer.
The appointments are effective immediately, according to the company.
Hertz is in an important phase after the bankruptcy in June. The company’s business was devastated last year Forced by the coronavirus pandemic to restructure and reduce debt.
“Hertz’s unmatched global presence is combined with forward-looking investments that completely change the face of travel and mobility,” Fields said in a statement. “The world will hear a lot more from Hertz in the coming weeks and months.”
Hertz stock rose 11.4% to $ 22.45 at 11:15 a.m. on Tuesday.
In May, Hertz announced that a group of investors including Knighthead Capital Management, Certares Opportunities and Apollo Capital Management were funding the company’s exit from Chapter 11 bankruptcy $ 6 billion turnaround plan.
Fields isn’t exactly known as a turnaround expert. He spent 22 years at Ford before being ousted from the automaker’s leadership in 2017 due to the company’s lagging stock price and lack of a solid vision for the automaker regarding electric and autonomous vehicles.
At Ford he succeeded earlier Boeing Alan Mulally, CEO of Commercial Airplanes, credited with turning the automaker’s operations and saving it from bankruptcy during the Great Recession.