Change of financial leadership as Hertz battles back from bankruptcy
Hertz has confirmed chief financial officer Jamere Jackson has resigned to pursue a new opportunity.
He will remain with Hertz until September 11th to assist in the transition of his responsibilities.
The company also today announced the promotion of Eric Esper to executive vice president of finance and chief financial officer.
At the same time, Kenny Cheung will become executive vice president of finance, chief operational finance and restructuring officer.
The pair will report directly to Paul Stone, Hertz president and chief executive officer.
Esper has served as senior vice president and chief accounting officer of hertz since November 2018.
Cheung has served as senior vice president of global financial planning and analysis, as well as chief financial officer of North America, at Hertz.
“The finance function is extremely important.
“This leadership structure provides us with deep expertise that will be especially valuable as we navigate the uncertainty around travel that the global pandemic has produced and as we work our way through the bankruptcy process,” said Stone.
The car rental giant filed for bankruptcy protection in May as it battled the fallout from the Covid-19 shutdown.
Also today, former Hertz chief executive Mark Frissora has agreed to settle with the Securities & Exchange Commission over charges he “aided and abetted” financial irregularities.
Frissora will repay nearly $2 million from incentive-based pay to the struggling car rental firm.
The government body alleged Frissora put pressure on staff to “find money,” in order to make accounting changes to its 2013 results which rendered them “materially inaccurate”.
Hertz revised its financial results in 2014 and restated them in July 2015.
The comapny agreed to pay $16 million to settle fraud and other accounting violations brought by the SEC in 2018.