Hertz Announces Bylaws Amendment, Leadership Transition

Hertz Global Holdings announced the resignation of Brian MacDonald as CEO of Hertz Equipment Rental Corporation. The company also disclosed a change to its bylaws in connection with the connection with its Series A Preferred Stock.

According to Hertz, MacDonald resigned from his position on May 20, 2015. MacDonald signed a separation and general release agreement with the company on Tuesday, May 26. He agreed to treat his separation as a termination without cause.

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Under the separation agreement, MacDonald will receive all base salary earned or accrued including payment for earned by unused vacation days, any employee benefits that are vested as of the date of the termination of his employment. He will also receive reimbursement of any business expense incurred prior to his date of termination.

Hertz said MacDonald’s date of termination will be on June 9 because he is entitled to 20 days’ notice prior to the termination of his employment. He will receive a cash severance payment of $5,060,000.

Hertz Rights Agreement with Computershare

In addition, Hertz  also disclosed in its regulatory filing that its amended Rights Agreement with Computershare Trust Company as Rights agents expired without the exercise of any rights to purchase its shares of Series A Preferred Stock.

Hertz filed a Certificate of Elimination with the Secretary of State of Delaware to remove all matters related to the Series A Preferred Stock from its Amended and Restated Certificate of Incorporation.
The company also filed a return of such shares to the status of authorized but unissued shared of Preferred Stock.

Hertz executive appointments

Separately, Hertz also announced the appointments of Stuart Benzal as vice president of customer experience and Tony Bedalov as vice president of customer care and contact centers.

Benzal will supervise the worldwide delivery of the company’s products, services, and superior experiences to deepen customer engagement across its rental brands including Hertz, Dollar, Thrifty and Firefly.

On the other hand, Bedalov will oversee the Hertz’s call center and customer care services worldwide.

Hertz stock performance

The shares of Hertz are down more than 1% to $19.93 per share around 3:33 in the afternoon in New York. The stock traded between $18.50 and $31.61 per share over the past 52 weeks. The company lost more than 20% of its stock value year-to-date.

Last March, the company received a non-compliance notice from the New York Stock Exchange (NYSE). The car rental company failed to meet NYSE’s listing standard.