Hertz adds Icahn-backed candidates to its board

AP News
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Posted: Sep 16, 2014 9:00 AM
Hertz adds Icahn-backed candidates to its board

NAPLES, Fla. (AP) — Dodging a proxy fight with billionaire Carl Icahn, Hertz has added three of his chosen candidates to the board.

Two of the new board members, Vincent Intrieri and Samuel Merksamer, will also be part of a of a five-person CEO search committee. Hertz CEO and Chairman Mark Frissora resigned earlier this month for personal reasons.

The announcement follows last week's announcement that the car rental company had reached an agreement-in-principle with the activist investor, who controls about 8.5 percent of its stock.

"This is a great outcome for Hertz and its shareholders and I thank the Hertz board for taking this important step in putting the company back on track," Icahn said in a news release.

Also named to the board Tuesday was Daniel Ninivaggi. Directors Henry Wolf, Barry Beracha and Philippe Laffont have retired.

The board now has nine independent directors. It will consist of 10 directors once a permanent CEO is chosen.

Shares of Hertz Global Holdings Inc. shed 24 cents to $27.27 before the market opened.