Hertz Global appoints new Chief Executive Officer

Hertz Global Holdings Inc (NASDAQ: HTZ), a global rental car company, said on Friday that it had appointed Gil West as its next Chief Executive Officer, effective April 1st.

West, former Chief Operating Officer of Delta Airlines and GM’s Cruise unit, will also join Hertz Global’s Board.

West is to succeed Stephen Scherr, who will step down as CEO and member of the Board of Directors on March 31st.

“We are thrilled to have Gil join Hertz as Chief Executive Officer. Gil’s experience as a successful leader in operationally intensive businesses will further strengthen the Company’s world class team of over 27,000 global employees who work tirelessly to deliver outstanding service to customers daily. We are appreciative of Stephen’s contribution over the last two years, including on a number of key strategic initiatives, which Gil will now lead in their continued execution,” Tom Wagner, Vice Chair of the Board of Directors, said in a press release.

“I am excited to join Hertz and build on its extraordinary family of brands and global network. With a 106-year history, Hertz enjoys incredible brand strength and customer loyalty and I look forward to working with the team to achieve its potential for our customers, team members and shareholders,” Gil West commented.

Stock Performance

The shares of Hertz Global Holdings Inc (HTZ) closed 1.20% ($0.09) higher at $7.58 on Nasdaq on Friday, as they snapped a two-day streak of losses.

The company’s total market cap now stands at $2.314 billion.

The shares of Hertz Global Holdings Inc (HTZ) went down 32.49% in 2023, compared with a 43.42% gain for the benchmark index, Nasdaq Composite (IXIC).

The company’s shares have retreated 27.04% so far this year.

Analyst stock price forecast and recommendation

According to TipRanks, all 5 surveyed investment analysts offering 12-month price targets for Hertz Global Holdings Inc’s stock had rated the latter as “Hold”. The median price target on the stock stands at $9.75, which translates into a 28.63% upside compared to the closing price on Friday.

The high point of the analyst forecast range stands at $11.00.