Hertz announced today that Lois I. Boyd has been named Executive Vice President and President, Hertz Equipment Rental Corporation, effective immediately. Hertz has appointed Gary Fulena Acting General Manager, Advantage Rent-a-Car.
Commenting on Ms. Boyd’s appointment, Mark P. Frissora, Hertz Chairman and Chief Executive Officer said, “Lois Boyd has almost 15 years of senior management experience managing costs, growing revenue and developing people in highly competitive businesses, and these are the ongoing challenges for HERC as it continues to rebound from the worst equipment rental recession in its 42-year history.
At Hertz, and before that at Tenneco, Lois has led corporate-wide cost management programs, and had P+L responsibilities for global growth businesses. Most recently, Lois has led Advantage Rent-a-Car which Hertz acquired out of bankruptcy in 2009, and the company now generates solid profits on well over $240 million of annualized run-rate revenues.
Prior to that, Lois led our companywide cost management programs which are on track to save $2 billion between 2007 and 2011. We believe HERC is poised for breakthrough success, based on its ability to generate at least 37%+ EBITDA margins throughout the recession, despite having revenues cut in half. HERC’s best days are ahead in the near future and Lois has the right leadership experience to accelerate the process,” Mr. Frissora concluded.
Ms. Boyd joined Hertz in 2007 as Senior Vice President, Process Improvement and Project Management. She assumed the leadership role for Advantage Rent-a-Car after Hertz acquired Advantage out of bankruptcy in April of 2009. Advantage now maintains greater than 1% share of the U.S. airport car rental market, while operating from approximately 48 airport and off-airport locations in the U.S. and an additional 12 locations in Europe. Prior to joining Hertz, Ms. Boyd led Tenneco’s Global Commercial Vehicle Segment—which grew from approximately $100 million annual revenues when she started to over $1 billion booked annually—Ford Global Business Group and the company’s Global Program Management function.
Prior to joining Tenneco, Ms. Boyd held Director and Manager-level positions in sales and distribution at Aeroquip/Vickers. In these latter roles, Lois’s largest customers are also HERC’s major equipment suppliers and its largest industrial and petro-chemical customers.
Gary Fulena has 31 years of car rental experience and he led Advantage as Vice President, Operations between 2005 and 2009, encompassing the periods prior to and immediately after Hertz’s acquisition of the company in 2009.
Most recently, Mr. Fulena has served as Vice President Operations and Administration for Advantage, reporting to Ms. Boyd, and he has been responsible for opening new stores and launching product and service enhancements. Prior to joining Advantage, Mr. Fulena served in various leadership roles since 1980 for several car rental companies including Hertz, ANC Rental Corporation, Budget Rent-a-Car and Payless.