Hertz Global Holdings announces board changes with three new director appointments

Hertz Global Holdings, Inc. (NASDAQ: HTZ) announced on Thursday the resignation of three board members: Francis S. Blake, Lucy Clark Dougherty, and Thomas Wagner. The resignations were not attributed to any disagreement with the company's operations, policies, or practices. The board changes follow Hertz's financial struggles, with its stock price falling 74% over the past year to $1.73, near its 52-week low.

The company carries a debt burden of over $21 billion and holds a weak financial health score. To address these concerns, the board appointed Robert Davis, Nils Larsen, and Adam Zirkin. Davis, who will serve as a Class II director, will join the Audit and Governance Committees and receive a $175,000 annual grant of restricted stock units and a $100,000 annual cash retainer.

Larsen, a Class III director, will join the Audit and Compensation Committees and receive similar compensation. Zirkin, affiliated with Knighthead Capital Management, LLC, will serve as a Class II director, joining the Compensation Committee, and receive compensation of $1.00 per year for his service. All three new directors have entered into indemnification agreements with Hertz and have no arrangements with any other parties related to their appointments.

Hertz reported better-than-expected financial results for the second quarter of 2026, with revenue of $2.4 billion, surpassing estimates. However, S&P Global Ratings downgraded Hertz to 'CCC+' due to refinancing risks and an unsustainable capital structure.