Hertz Global Picks New CFO to Fill in Incumbent's Shoes
Hertz Global Holdings HTZ appointed a chief financial officer (CFO) following its incumbent R. Eric Esper’s resignation.
Notably, Esper decided to step down in pursuit of a new opportunity. However, he will remain associated with the company as its chief accounting officer until Nov 1, 2020, to smoothly transfer his duties to his successor. Notably, Esper with a track record of serving Norwegian Cruise Line Holdings NCLH in various capacities was promoted to the CFO post as recently as August 2020 following Jamere Jackson’s decision to quit.
Soon after Esper put in his papers, the car rental company, currently carrying a Zacks Rank #4 (Sell), named Kenny K. Cheung as its new CFO. Notably, Cheung was promoted to the rank of the executive vice president of finance, chief operational finance and restructuring officer only last month. He joined Hertz in December 2018 and was previously associated with companies like Nielsen Holdings NLSN and General Electric GE.
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The managerial reshuffling at Hertz, which filed for bankruptcy protection on May 22 as its business was ravaged by the coronavirus pandemic, highlights its lack of stability in executive leadership roles. In fact, its CEO Paul Stone is also new to the job, having assumed office only on May 18, 2020. Notably, the stock has shed 57.1% of value since the bankruptcy filing.
Given Cheung’s vast experience, management expects his appointment to be a step toward successfully reviving the company’s fortunes.
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Hertz Global Holdings, Inc (HTZ) : Free Stock Analysis Report
General Electric Company (GE) : Free Stock Analysis Report
Nielsen Holdings Plc (NLSN) : Free Stock Analysis Report
Norwegian Cruise Line Holdings Ltd. (NCLH) : Free Stock Analysis Report
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