NEW YORK (AP) — Struggling car rental company Hertz has named a new CEO.
Kathryn Marinello will take over the wheel on Jan. 3, succeeding John Tague, who is retiring, Hertz said Tuesday.
Marinello, who was also named to the company's board, joins Hertz after stints at banking, business service and tech companies. She has served as senior adviser of asset manager Ares Management LLC since March 2014.
Tague had been president and CEO since November 2014.
The Estero, Florida, company said that three long-time directors are also leaving Hertz: Linda Fayne Levinson, Carl Berquist and Michael Durham. That will leave the board with seven directors, six of whom are independent.
Carl Icahn, the billionaire activist investor and Hertz's largest shareholder, said in a statement issued by the company that Marinello "is the right person to lead Hertz as we move forward."
Shares of Hertz and rival Avis have tumbled as the companies grapple with excess capacity in the rental car market. Hertz has also blamed the diminishing value of its vehicles.
Hertz Global Holdings Inc. includes its namesake and the Dollar and Thrifty brands. Its shares are down 56 percent this year and shed 2.5 percent in after-hours trading Tuesday following the personnel announcement.
The headline of this story has been corrected to read that Marinello is succeeding Tague, not Marinello.