Hertz appoints former Ford CEO Mark Fields as interim CEO

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Hertz rental cars are parked in a parking lot near the Detroit Metro Airport in Romulus, Michigan.

Rebecca Cook | Reuters

Hertz Global shares rose 13.3% on Tuesday after the car rental company appointed former Ford CEO Mark Fields as interim chief executive.

Fields, who led Ford from 2014 to 2017, joined Hertz’s board of directors in June. He is a senior advisor to TPG Capital and a contributor to CNBC.

Hertz said Fields succeeds Paul Stone, who becomes president and chief operating officer.

Appointments are effective immediately, according to the company.

Hertz is at a major milestone following its exit from bankruptcy in June. The company’s operations were devastated last year by the coronavirus pandemic, forcing it to restructure and deleverage.

“Hertz’s unparalleled global footprint will be combined with forward-looking investments that will completely change the face of travel and mobility,” Fields said in a statement. “The world is going to be hearing a lot about Hertz in the weeks and months to come.”

Hertz shares closed nearly 10% higher at $ 22.15 on Tuesday.

In May, Hertz said a group of investors, including Knighthead Capital Management, Certares Opportunities and Apollo Capital Management, were funding the company’s exit from Chapter 11 bankruptcy and a $ 6 billion recovery plan.

Fields held several positions during his 28-year career at Ford, including productive stints as the head of the automaker’s operations in North America and Europe. His tenure as CEO has not been so successful. He was ousted in 2017 due to the company’s stock price lag and the automaker’s lack of a strong vision for electric and autonomous vehicles.

At Ford, he took over from former Boeing Commercial Airplanes CEO Alan Mulally, who is credited with turning around the automaker’s operations and keeping it from going bankrupt during the Great Recession.

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