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Hertz chairman and CEO Mark Frissora steps down POST Online Media

Hertz chairman and CEO Mark Frissora steps down

Staff writer | Naples, Fla., USA | Tuesday September 9, 2014 9:39AM ET
Mark FrissoraSeptember 9, 2014, Naples, Fla., USA - Hertz Global Holdings, Inc. announced that Mark Frissora has stepped down for personal reasons as the company's chairman and chief executive officer.
Prior to joining Hertz in July 2006, Mr. Frissora led Tenneco, Inc., a global supplier of automotive emission control and ride control products, where he served as Chairman and Chief Executive Officer from 2000 to 2006. He has 35 years of experience in consumer and automotive-related businesses, previously holding positions of increasing responsibility at Tenneco, Aeroquip-Vickers Corporation, Philips NV and General Electric Co. He was named one of Business Travel News’ Most Influential Business Travel Executives of 2012.

Mr. Frissora holds a B.A. degree from The Ohio State University and has completed advanced studies at the University of Pennsylvania’s Wharton School and the Thunderbird International School of Management.

He is a Director of Walgreen Co., where he is Chairman of the Finance Committee and a member of the Nominating and Governance Committee. Additionally, he is on the Board of Delphi Holdings LLP, where he serves on the Finance Committee and is a member of the Nominating and Governance Committee. He is also a member of the G100, and serves on McKinsey’s CEO Advisory Council.

The Hertz Board of Directors has appointed Brian P. MacDonald, President and Chief Executive Officer of Hertz Equipment Rental Corporation (HERC), to serve as interim Chief Executive Officer of Hertz.

Mr. MacDonald has served as President and Chief Executive Officer of Hertz Equipment Rental Corporation since June 2014. Prior to joining Hertz, Mr. MacDonald served as President and Chief Executive Officer of ETP Holdco Corp., an entity formed following Energy Transfer Partners' acquisition of Sunoco, Inc. in 2012, where Mr. MacDonald had served as Chairman, President and Chief Executive Officer prior to ETP's acquisition of Sunoco. He joined Sunoco in 2009 as Senior Vice President and Chief Financial Officer.

Prior to Sunoco, Mr. MacDonald worked at Dell, Inc. as Chief Financial Officer of the Large Enterprise Business Unit, overseeing all aspects of its financial management, and was involved with the Company's accounting restatement. Before becoming the unit's CFO in 2008, he served as Dell's corporate Vice President and Treasurer. In this role, Mr. MacDonald led Dell's mergers and acquisitions organization and headed the Company's global treasury group.

Prior to Dell, Mr. MacDonald served in several financial management roles at General Motors Corporation, including at Isuzu Motors Limited, a Japanese public company that was 49 percent owned by General Motors at the time and Treasurer of GM Canada, an operating subsidiary.

He serves on the board of directors of CSC (formerly Computer Sciences Corporation) and previously served as a director at Ally Financial, Inc. where he was appointed as a director designee by the U.S. Treasury Department. He earned a Bachelor of Science from Mount Allison University and received a Masters in Business Administration from McGill University.

In addition, Linda Fayne Levinson, Independent Lead Director of the Hertz Board, has been appointed Independent Non-Executive Chair of the Board.

Ms. Levinson is Independent Lead Director of the Hertz Board of Directors. Ms. Levinson joined the Hertz Board in 2012, and is currently Chair of the Nominating and Governance Committee, and a member of the Compensation Committee.

She has extensive industry, strategic, general management, investment experience and board experience. She has worked in multiple segments of the travel industry, including airlines early in her career and again as a partner at Wings Partners when they took Northwest Airlines private; at American Express where she led the leisure travel agency and tour business; and as a Board Director and investor in, an early entrant into digital distribution.

Ms. Levinson gained strategic and diverse industry experience at McKinsey & Co where she was the first woman named a partner. She has both investment and technology experience as a partner at GRP Partners, a venture capital firm, where she invested and helped grow multiple e-commerce and search companies and built successful public companies.

Ms. Levinson is an experienced corporate director, expert in succession planning, corporate governance and executive compensation, serving on multiple Boards and chairing both Compensation and Nominating and Governance Committees as well as serving as Lead Independent Director of NCR from 2007 to 2013.