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Home » Hertz Leaves Bankruptcy, Taps Directors for New Board

Hertz Leaves Bankruptcy, Taps Directors for New Board

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Hertz Global Holdings Inc. emerged from bankruptcy protection Wednesday under new owners and a new board.

The directors of the reorganized Hertz will include at least two representatives each from Certares Management LLC and Knighthead Capital Management LLC, which prevailed in May in a bidding war for the rental-car company. Apollo Global Management Inc., which joined the winning bid, is getting one board seat.

The board will also include as many as four independent directors. One of them is Mark Fields, a former CEO of Ford Motor Co. Up to three independent directors will be named later, according to court papers.

New board chairman Gregory O’Hara, founder and senior managing director of Certares, said Mr. Fields and the other independent directors won’t be affiliated with any of the major investment funds that are recapitalizing the company.

Hertz aims to recruit new board members who represent diverse views, including women, minorities and people living outside the U.S., Mr. O’Hara said.


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