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Hertz names former Ford CEO Mark Fields as interim CEO By Reuters

by Mike Robinson

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© Reuters. FILEPHOTO: A desk at Hertz car rental is seen in Nice International airport, Nice, France. May 27, 2020. REUTERS/Eric Gaillard

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(Reuters) – Hertz Corp named Mark Fields, former Ford Motor Co (NYSE:) Chief Executive Officer as interim CEO. The rental car company announced this on Tuesday.

Fields succeeds Alan Mulally, who was president and CEO at No. 2 U.S. automaker in 2014. In 2017, he was fired and Jim Hackett took his place.

Hertz Corp., a Hertz Global Holdings subsidiary (OTC:), manages the Hertz and Thrifty rental car brands.

Fields joined Hertz’s board of directors on June. Additionally, Fields serves as a senior advisor for TPG Capital and is part of Qualcomm’s (NASDAQ:) board of directors.

Hertz’s Fields replaces Paul Stone who is now president and chief operation officer.

Hertz announced in May that a group including Certares Opportunities, Knighthead Capital Management and Apollo Capital Management would finance the company’s Chapter 11 bankruptcy exit.

General Motors (NYSE;) once owned the 103-year old rental car business. In 1953, John Hertz purchased it. Subsequent owners included RCA, United Airlines parent UAL Corp and Ford, which sold the business in 2005 to private equity firm Clayton, Dubilier & Rice.

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