Hertz is tapping a familiar face to lead its turnaround by naming Mark Fields, the former CEO of Ford Motor Co., as its interim CEO.
Fields, a senior adviser at TPG Capital who joined Hertz Global Holdings Inc.’s board in June, takes on the new role effective immediately, the rental car company said Tuesday in a statement. He replaces Paul Stone, who will now serve as president and chief operations officer, Hertz said.
“Hertz is a global icon, and I’m honored to help lead the company into its next 100 years,” Fields, 60, said in the statement. “The world is going to be hearing a lot from Hertz in the weeks and months ahead.”
Ironically, Fields takes control of a company that was once a unit of Ford Motor. In 2005, Ford sold the company for $5.6 billion after first acquiring it in 1994.
The move comes just three months after Hertz emerged from bankruptcy and is attempting to rebuild its pandemic-battered operations. This summer, the company and other rental car providers have benefited from strong pricing due to a shortage of vehicles and pent-up demand for travel.
