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Monday, September 8, 2014

Hertz CEO steps down after accounting errors, (NYSE: HTZ)

Mark Frissora has resigned as chief executive of Hertz Global Holdings Inc, citing personal reasons, as pressure from investors mounts following a series of accounting errors.Hertz's shares rose as much as 5 percent after the No. 2 U.S. car rental company said it had begun the search for a replacement. Several investors and analysts named Scott Thompson, former CEO of Dollar Thrifty, as a possible candidate.Brian MacDonald, CEO of Hertz's equipment rental business, which will soon be spun off, was named interim chief executive.Hertz has owned up to a string of accounting errors, originating in 2011, that will require it to restate or correct its financial results for the past three years. The company last month withdrew its full-year financial forecast.

Hertz Global Holdings, Inc. (Hertz Holdings) is a holding company. Shares of HTZ traded higher by 1.9% or $0.54/share to $29.00. In the past year, the shares have traded as low as $19.73 and as high as $31.61. On average, 9545740 shares of HTZ exchange hands on a given day and today's volume is recorded at 21318728.