Hertz Global Holdings Inc (HTZ) News

Hertz Global : Audit Committee Charter (Audit Committee Charter 12 11 2024 Approved by Board)
January 14, 2025 at 06:32 am EST

HERTZ GLOBAL HOLDINGS, INC.

AUDIT COMMITTEE CHARTER

Last updated on December 11, 2024

Pursuant to duly adopted Bylaws and Corporate Governance Guidelines, the Board of Directors (the "Board") of Hertz Global Holdings, Inc. (the "Company") has determined that the Audit Committee of the Board (the "Committee") shall assist the Board in fulfilling certain of the Board's oversight responsibilities with respect to the accounting and financial reporting processes and the audits of the Company's financial statements. The Board hereby adopts this Audit Committee Charter (the "Charter") to establish the governing principles of the Committee. This Charter amends, restates, replaces and supersedes any and all charters of the Committee previously adopted by the Board.

Purpose and Authority

The primary purpose of the Committee is to assist the Board in overseeing:

the accounting, financial, and external reporting policies and practices of the Company and the audit of the Company's financial statements;
the integrity of the Company's financial statements;
the effectiveness of the Company's internal controls, including operational policies and practices;
the independence, qualifications and performance of the Company's independent auditor;
the authority, scope, access and performance of the Company's internal audit function;
the Company's compliance with legal and regulatory requirements;
treasury and finance matters; and
enterprise risk management process, including cybersecurity and other technology risks.
In discharging its duties under this Charter, the Committee shall have the authority, in its sole discretion, to select, retain, terminate and obtain the advice of any independent legal, accounting, or other advisors as it deems necessary or appropriate to fulfill its duties and responsibilities. The Committee shall approve the terms of any engagement, including compensation, and oversee the work, of any such independent legal, accounting, or other advisors. The Company shall provide appropriate funding, as determined by the Committee, for payment of (i) compensation to the independent accountants for the purpose of preparing or issuing an audit report or performing other audit, review or attest services for the Company and to any advisors employed by the Committee; and (ii) ordinary administrative expenses of the Committee that are necessary or appropriate in carrying out its duties. Any accounting, legal or other consultant retained by the Committee may, but need not, be, in the case of an outside accountant, the same accounting firm employed by the Company for the purpose of rendering or issuing an audit report on the Company's annual financial statements or, in the case of an outside legal or other advisors, otherwise engaged by the Company for any other purpose.

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Membership

For so long as the Company's common stock is listed on The Nasdaq Stock Market LLC ("Nasdaq"), the Committee shall consist of at least three directors, each of whom shall be determined by the Board to be "independent" under the rules of Nasdaq, as applicable, and Rule 10A-3(b)(1) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Committee members will be appointed, and may be removed, by the Board in accordance with the Bylaws of the Company. Committee members shall serve for such term or terms as the Board may determine. When appropriate, as permitted under applicable Nasdaq requirements, the Board or the Committee may delegate any of its responsibilities to subcommittees consisting of one or more members of the Committee.

Each member of the Committee must be able to read and understand fundamental financial statements, including a Company's balance sheet, income statement, and cash flow statement. At least one member of the Committee shall be financially sophisticated and qualify as an "Audit Committee Financial Expert" under applicable rules of the Securities and Exchange Commission (the "SEC") and Nasdaq. In addition, each member of the Committee must not have participated in the preparation of the financial statements of the Company or any current subsidiary of the Company at any time during the past three years.

Responsibilities

The powers and responsibilities of the Committee include the matters enumerated below, as well as such other matters as may be delegated to the Committee by the Board from time to time.

1. Oversight of Financial Reporting, Disclosure and Internal Controls.

Review any significant additions or changes to the Company's existing policies or practices as they apply to accounting, financial reporting, external reporting, and asset-safeguarding.
Discuss generally the Company's earnings reports, as well as any written financial information and earnings guidance provided to analysts and ratings agencies. The Committee need not discuss in advance each earnings release or each instance in which the Company may provide earnings guidance.
Review and discuss with management and the independent auditor the quarterly, unaudited financial statements, including disclosures made in management's discussion and analysis of financial condition and results of operations, major underlying issues and the results of the independent auditor's review prior to filing each quarterly report on Form 10-Q.
Review and discuss with management and the independent auditor the annual audited financial statements, including disclosures made in management's discussion and analysis of financial condition and results of operations, and major underlying issues prior to filing each annual report on Form 10-K.
Review and discuss with the Chief Executive Officer (the "CEO") and the Chief Financial Officer (the "CFO") the procedures undertaken in connection with the CEO and CFO certifications in periodic reports, including their evaluation of the Company's disclosure controls and procedures and internal controls.
Prepare the report required by the rules of the SEC to be included in the Company's annual Proxy Statement.
2

Receive information from management and internal audit about any significant deficiencies or material weaknesses in the design or operation of internal control over financial reporting that could adversely affect the Company's ability to record, process, summarize and report financial data and any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal control over financial reporting. This includes receiving reports on all matters of significance arising from work performed by other providers of financial and internal control assurance to senior management and the Board.
Review and discuss quarterly reports from the independent auditor on all critical accounting policies and practices to be used; all alternative treatments of financial information within generally accepted accounting principles that have been discussed with management, ramifications of the use of such alternative disclosures and treatments, and the treatment preferred by the independent auditor; and other material written communications between the independent auditor and management, such as any management letter or schedule of unadjusted differences.
Review and discuss with management and the independent auditor significant financial reporting issues and judgments made in connection with the preparation of the Company's financial statements, including any significant changes in the Company's selection or application of accounting principles, any major issues as to the adequacy of the Company's internal controls and any special steps adopted in light of material control deficiencies.
Review and discuss with management and the independent auditor any significant changes to the Company's auditing and accounting principles and practices suggested by the independent auditor, internal audit or management.
Review and discuss with management and the independent auditor management's internal control report prepared in accordance with rules promulgated by the SEC pursuant to Section 404 of the Sarbanes-Oxley Act and the independent auditor's attestation report prior to the filing of the Company's annual report on Form 10-K, and consider whether any changes are appropriate in light of these reports.
Discuss with management and the independent auditor the effect of regulatory and accounting initiatives as well as any significant off-balance sheet commitments, arrangements and structures (if any) on the Company's financial statements.
Discuss with management the Company's major financial risk exposures and the steps management has taken to monitor and control such exposures, including the Company's risk assessment and risk management policies.
Resolve any disagreements between management and the independent auditor regarding financial reporting.
2. Oversight of Independent Auditor.
Possess sole responsibility for the appointment, retention, termination, compensation (including the fees, terms and conditions for the performance of audit or non-audit services), evaluation and oversight of the work of the independent auditor for the purpose of preparing or issuing an audit report or performing other audit, review or attest services for the Company. The independent auditor shall report directly to the Committee.
Before the engagement of an independent auditor and at least annually thereafter, review and discuss with the independent auditor the independent auditor's written communications to the
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Committee regarding the relationships between the auditor and the Company that, in the auditor's professional judgment, may reasonably be thought to bear on its independence and obtain the written affirmation from the auditor of its independence.

Review the proposed audit scope for adequacy of coverage.
Review the conduct and results of the audit of the consolidated financial statements and solicit concerns from the independent auditor, including any audit problems, difficulties encountered in the course of audit work, including any restrictions on the scope of activities or access to requested information, disagreements with management and management's response and communications between the audit team and the audit firm's national office with respect to difficult auditing or accounting issues presented by the engagement.
Review with the independent auditor the Company's internal controls and the responsibilities, budget and staffing of the Company's internal audit function, including any "management" or "internal control" letter issued or proposed to be issued by such auditor to the Company. With respect to any such letter, obtain management's response and corrective action plan.
Review and evaluate the lead partner of the independent auditor, and ensure proper rotation of audit partner, lead partner and concurring partner. Consider whether it is appropriate to adopt a policy of rotating the independent auditor on a regular basis.
Obtain and review a report from the independent auditor at least annually detailing: (i) the independent auditor's internal quality-control procedures; (ii) any material issues raised by the most recent internal quality-control review, or peer review, of the independent auditor, or by any inquiry or investigation by governmental or professional authorities within the preceding five years respecting one or more independent audits carried out by the firm, and any steps taken to deal with any such issues; and (iii) all relationships between the independent auditor and the Company.
Actively engage in a dialogue with the independent auditor regarding any disclosed relationships or services that may impact the objectivity and independence of the independent auditor. Evaluate the qualifications, performance and independence of the independent auditor, including considering whether the auditor's quality controls are adequate and the provision of permitted non-audit services is compatible with maintaining the auditor's independence, taking into account the opinions of management and internal auditors. Review periodic reports from the independent auditor regarding the auditor's independence (including the auditors' fees billed for audit services, audit-related fees, tax fees, and all other non-audit services, respectively, for each fiscal year), discuss such reports with the auditor, and if so determined by the Committee, recommend that the Board take appropriate action regarding the independence of the auditor. Ensure procedures are in place for the Company's hiring of employees or former employees of the independent auditor who participated in any capacity in the audit of the Company's financial statements to ensure the independent auditor's independence under applicable law and listing standards. The Committee shall present its conclusions with respect to the independent auditor to the full Board.
Pre-approveall audit and permitted non-audit services and fees as required by any regulatory or listing agency; provided, however, that the Committee may delegate pre-approval authority to subcommittees comprised of one or more of its independent members, who must then provide a report to the full Committee at its next scheduled meeting. When pre-approving non-audit services by the independent auditor, the Committee shall consider whether their provision is consistent with maintaining the independent auditor's independence.
As appropriate, discuss with the national office of the independent auditor issues on which they were consulted by the Company's audit team and matters of audit quality and consistency.
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Review with management and the independent auditor any correspondence with regulators or governmental agencies and any employee complaints or published reports that raise material issues regarding the Company's financial statements or accounting policies.
On an annual basis, obtain assurance from the independent auditor that the audit was conducted in a manner consistent with Section 10A of the Exchange Act.
At least annually, discuss with the independent auditor, out of the presence of management if deemed appropriate, the matters required to be discussed by the applicable auditing standards adopted by the Public Company Accounting Oversight Board.
Oversight of Internal Audit.
Review and participate in the appointment, replacement, reassignment, performance review and compensation, or dismissal of the chief audit executive (the "CAE"), who shall report directly to the Committee and meet with the Committee without management present at least quarterly.
Discuss with the CAE internal audit department responsibilities and approve the budget and resource plan, including making inquiries, as appropriate, of management and the CAE to determine if there are any inappropriate scope or resource limitations.
Review, in consultation with the CAE, the annual internal audit scope and risk- based plan, performance related to the plan and any changes required during the year.
At least quarterly, review internal audit results, including any difficulties encountered in the course of internal audit activities, and management's responses thereto.
At least annually, review the internal audit charter and approve any changes thereto. Develop and approve an authorization, which may be included in the internal audit charter, that the activity will have free and unrestricted access to all functions, records, property, and personnel pertinent to carrying out any engagement, subject to accountability for confidentiality and safeguarding of records and information.
Review the results of internal audit's quality assurance and improvement program as well as the results of independent external quality assurance reviews, when performed (every five years).
Oversight of Compliance, Legal and Regulatory Matters.
Establish procedures for the receipt, retention and treatment of complaints received by the Company regarding accounting, internal accounting controls or audit matters, and the confidential, anonymous submission by employees of concerns regarding questionable accounting or auditing matters. This includes overseeing management's arrangements for the prevention and deterrence of fraud.
Conduct any investigation that the Committee deems appropriate, with full access to all of the Company's records, facilities, personnel and outside advisors. This includes ensuring that appropriate action is taken against known perpetrators of fraud or related misconduct.
At least annually, review the Company's overall compliance program and its components to ensure that it is consistent with applicable guidelines, including but not limited to the United States Department of Justice and Federal Sentencing Guidelines' requirements for "Effective Compliance and Ethics Programs."
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At least annually, review the results from the Company's Standards of Business Conduct Disclosure Survey to review and assess the status of compliance with the Company's Standards of Business Conduct, applicable laws and regulations and general corporate ethics. The Committee shall also review and consider any requests for waivers of the Standards of Business Conduct pertaining to any executive officer or a director and shall make a recommendation to the Board with respect to any such request for a waiver (any director requesting a waiver will not be entitled to vote on such request).
Review and approve all related person transactions, as defined in the Company's related person transaction policy and procedures.
Regularly review reports on material litigation, any material reports or inquiries received by the Company from regulators or governmental agencies, and other matters.
5. Oversight of Treasury and Finance Matters.
Review, as appropriate, the Company's and its subsidiaries' capital markets and financing plans consistent with the prior approvals of the Board, including with respect to the Company's debt, equity or other financing arrangements (including re-financings);
Review, as appropriate, the material terms and conditions of the Company's long-term debt financings and its subsidiaries' long-term debt and equity issuances consistent with the prior approvals of the Board, including with respect to bank loans, letter of credit facilities, securitization facilities (including medium term note issuances and variable funding note issuances), collateral security or pledge agreements, promissory notes, commercial paper, and guarantees;
Review, as appropriate, the Company's dividend policy and recommend to the Board the amount and frequency of dividends (if any);
Review and approve the Company's decision to enter into swaps and other derivatives transactions that are exempt from exchange-execution and clearing under "end-user exception" regulations established by the Commodity Futures Trading Commission consistent with the prior approvals of the Board, and review and approve the Company's policies governing the Company's use of swaps and other derivatives transactions subject to the end-user exception.
Review, as appropriate, with management the financial considerations relating to the Company's pension and retirement plans; and
Review, as appropriate, with management (on a quarterly basis if requested by the Committee) the Company's performance against its annual budget plan.
6. Oversight of Risk.
Oversee, review and discuss with management, including the CAE, the Company's enterprise-wide risk management process including management's implementation and maintenance of an appropriate risk governance structure, risk assessment and risk management practices and guidelines.
Oversee, review and discuss with management, including the senior technology officer, the quality, effectiveness and matters related to the Company's security of information technology systems, capabilities for disaster recovery, data protection, cyber threat detection and cyber incident response, and management of technology-related compliance risks.
Provide oversight on significant risk exposures and control issues, including fraud risks, governance issues, and other matters needed or requested by senior management and the
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Board. This includes considering the effectiveness of the Company's control framework, including information technology security and control.

Provide oversight of the adequacy of the combined assurance being provided.
Oversee, review and provide advice on the risk management processes established and maintained by management and the procedures in place to ensure that they are operating as intended.
Self-Evaluationand Review of Charter.
At least annually, the Committee shall evaluate its own performance and compliance with this Charter and report to the Board on such evaluation.
At least annually, the Committee shall review and assess the adequacy of this Charter and recommend any proposed changes to the Board for approval.
Other Assignments. The Committee shall perform such other responsibilities as are consistent with the purpose of the Committee and as the Board or Committee deems appropriate.
Meetings and Procedures

The meetings and other actions of the Committee shall be governed by the provisions of the Company's Bylaws applicable to meetings and actions of the committees of the Board.

The Committee shall meet as often as it determines is appropriate to carry out its responsibilities under this Charter, but shall meet at least quarterly. The Chair, in consultation with the other Committee members, shall determine the frequency and length of the Committee meetings and shall set meeting agendas consistent with this Charter. The Chair (or in his or her absence, a member designated by the Chair) shall preside at each meeting of the Committee. The Committee may invite to its meetings any director, member of management of the Company, and such other persons as it deems appropriate in order to carry out its responsibilities.

The Committee can transact business when a majority of the members are in attendance at a meeting, which will constitute a quorum. The action of a majority of those members present at a meeting, at which a quorum is present, shall be the action of the Committee. In the event the number of Committee members voting in favor of a proposal and the number of Committee members voting against such proposal are equal, the proposal shall be submitted to a vote of the Board, subject to applicable law. The Committee may also take action by unanimous written consent.

The Committee will meet in executive session at least quarterly and during these sessions the Committee will meet separately with the independent auditor, CFO, and the CAE.

The Chair of the Committee shall make reports concerning Committee meetings to the Board.

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Hertz Global Holdings Inc. published this content on January 14, 2025, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on January 14, 2025 at 11:31:09.727.

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https://www.marketscreener.com/quote/stock/HERTZ-GLOBAL-HOLDINGS-INC-124363476/news/Hertz-Global-Audit-Committee-Charter-Audit-Committee-Charter-12-11-2024-Approved-by-Board-48754341/

Hertz Global Holdings, Inc. Strengthens Executive Team with Two Key Leadership Appointments, Effective January 01, 2025

Hertz Global Holdings, Inc. announced two appointments to its leadership team, with Chris Berg joining the company as Executive Vice President and Chief Administrative Officer and Doria Holbrook as Executive Vice President Mobility, effective Jan. 1, 2025. Both Berg and Holbrook will report to CEO Gil West.

In their new roles, Berg will oversee the company's administrative operations including procurement, business services, real estate and facilities management, further strengthening its organizational capabilities and infrastructure. Holbrook will lead the company's rideshare rental programs and partnerships, with a focus on innovation and developing new mobility solutions to generate further growth. Berg joins Hertz from Home Depot, where he spent over 20 years running large-scale transformation projects and enhancing customer experience.

He most recently served as the company's President, Western Division with responsibility for sales and operations across 500 stores and 100,000 employees. Berg began his career at Home Depot in store management and holds an MBA from Babson F.W. Olin Graduate School of Business and a BS in Business Administration from Babson College. Holbrook brings nearly two decades of experience transforming operations and bringing innovation to market across complex business landscapes.

She previously served as Vice President, Global Supply Chain Partnerships at Flexport, the global logistics technology platform, and Vice President, Delivery Business Unit at Cruise. She has also held operations leadership roles at TikTok and Amazon, where she was instrumental in establishing Amazon's last mile delivery service. Holbrook started her career at McKinsey & Company.

She holds an MBA from Harvard Business School and a B.S. in Mechanical Engineering from Massachusetts Institute of Technology.

https://www.prnewswire.com/news-releases/hertz-strengthens-executive-team-with-two-key-leadership-appointments-302339429.html

Want a cheap EV? Hertz is handing out discounts to renters

Rebecca Bellan

Hertz has been contacting people who are in the middle of renting electric vehicles recently to offer them the option to buy the car instead of returning it, reports The Verge. And the offers are pretty sweet, according to some renters who shared the offers on Reddit. 
One renter was reportedly offered a 2023 Chevy Bolt for $18,442, another was offered a 2023 Tesla Model 3 with only 30,000 miles on it for $17,913, and still another got an offer to buy a Polestar 2 for $28,500. On top of that, Hertz is offering up a limited 12-month, 12,000-mile powertrain warranty, and a buy-back offer within seven days. 
The reports come nearly a year after Hertz said it would sell off a third of its EV fleet, most of which are Teslas, citing lower demand and higher-than-expected repair costs. 
Hertz has a history of selling cars that it plans to offload, which include gas-powered vehicles, and reaching out to renters to see if they are in the market for the car they’re currently renting. But the EV deals are particularly notable for buyers looking for a serious discount to what is often an unaffordable car, and, in some cases, with decent mileage to boot.
Due in part to the accelerated sell-off of the somewhat new EVs, Hertz recorded $937 million in vehicle depreciation in the third quarter, a significant increase compared to the year prior, and depreciation per unit of $537. The company said it expects the depreciation per unit to normalize to under $300 by the end of 2025.
This article was updated to include more context around Hertz’s business of selling vehicles.



https://techcrunch.com/2024/12/27/want-a-cheap-ev-hertz-is-handing-out-discounts-to-renters/

The deadline of July 30, 2024 is over, and the Class Actions fell short and mostly without merit.
When a company writes off a large impairment charge, you have to look at the reason and what they are attempting to accomplish. Take into account that HTZ had purchased a large amount of Tesla EV for a very high price and have suffered the consequences. They also purchased large amounts of gas vehicles during the 2021-2023 supply chain crises. In 2021 and 2022 car dealership lots were almost empty, and if you needed to buy a vehicle then you, like HTZ, paid a premium. These are the vehicles HTZ is selling now and writing off. Dealership lots are now overflowing and they are giving large discounts to empty their lots. For the past year, HTZ has been buying their new vehicles for much lower prices (like they did before the pandemic) and in the near future, their costs and write offs will return to normal.

Hertz Global Holdings, Inc.

HTZ new 52 low

HTZ Upcoming Deadline - Kessler Topaz Meltzer & Check, LLP Reminds Investors of July 30, 2024 Deadline in Securities Fraud Class Action Lawsuit Against Hertz Global Holdings, Inc. (HTZ)
PR Newswire - Mon Jul 22, 1:30PM UTC
RADNOR, Pa., July 22, 2024 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been against Hertz Global Holdings, Inc. ("Hertz") (NASDAQ: HTZ). The action charges Hertz with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company's business, operations, and prospects. As a result of Hertz's materially misleading statements and omissions to the public, Hertz's investors have suffered significant losses. The lead plaintiff deadline is July 30, 2024.

Read more at prnewswire.com

HTZ new 52 week low

HTZ new 52 week low

HTZ new 52 week low

HTZ twisting slowly, slowly in the wind

HTZ new 52 lo

HTZ new 52 lo

Hertz CEO Resigns After Blowing Big Gamble on EVs

Stephen Scherr, chief executive officer of Hertz Global Holdings Inc. and a member of its board of directors, will step down on March 31, following the car rental company’s largest quarterly loss since 2020 after a risky bet on electric vehicles.

According to Fox Business, Scherr is working with Gil West, former chief operating officer of Delta Airlines and General Motors’ Cruise unit, to ensure a smooth transition.

West will officially start his new role at Hertz on April 1.

Scherr, 59, joined Hertz two years ago as the company was emerging from bankruptcy and putting a big focus on EVs during that time. Prior to that, he spent nearly 30 years at Goldman Sachs.

According to Quartz, Hertz soon discovered that EVs are more expensive to maintain than they had initially thought.

And Scherr stated to investors that EVs turned out to be more of an “operational distraction.”

Scherr reportedly also told investors that Hertz’s profits experienced a $348 million loss, which he blamed EVs for.

The move has been part of the president’s effort to promote widespread adoption of EVs as part of his climate agenda.

In November, the Associated Press reported on a Consumer Reports survey that found EVs from the 2021 to 2023 model years are significantly less reliable than gasoline-powered vehicles.

A whopping eighty percent less reliable, according to the AP, particularly with battery and charging systems, as well as fit issues with body panels and interiors.

Car dealers and manufacturers are reportedly also struggling to sell EVs despite using deep discounts and promotional tactics.

The market has reached a point of saturation with early adopters, a small yet enthusiastic group willing to embrace new technologies at any cost.

Consequently, widespread hesitancy persists among the general population, deterred by steep prices, increasing interest rates and inflation, all of which have led to a surplus of unsold EVs on lots, with EVs taking significantly longer to sell than gas-powered and hybrid vehicles.

~got out @.17c

Hertz was the covid play the money was to be made!!!!

~bought the 2/16 $10 calls @.23c

HTZ new 52 week low

https://www.prnewswire.com/news-releases/hertz-announces-departure-of-paul-stone-search-for-new-chief-operating-officer-underway-301926096.html


ESTERO, Fla., Sept. 13, 2023 /PRNewswire/ -- Hertz Global Holdings, Inc. (Nasdaq: HTZ) today announced that Paul Stone, Chief Operations Officer and President, will step down from his role effective September 30, 2023, to pursue opportunities in the retail sector, where he began his career. Paul will remain employed with the company in a transitional capacity through October 31, 2023.

The company will conclude a search for a Chief Operating Officer in short order. In the interim, key operations leadership will report directly to Stephen M. Scherr, Chair and Chief Executive Officer.

"I want to thank Paul for his leadership at Hertz, particularly through the company's restructuring," said Scherr. "I look forward to completing the leadership team, focused on transforming the future of Hertz, with the selection of a new COO."

"Hertz's progress under Stephen's leadership has been impressive, and I am confident that the team he has built will deliver meaningful value for customers and shareholders in the years ahead," said Stone.

.... JUST LIKE THE TSA!!!!!

LMAO!!!!!!

New Hertz apparently underpaid and super uneducated. Puerto Rico is part of US not taught in history class…lol



Hertz apologizes after refusing rental car to Puerto Rican customer

A worker at the rental chain demanded to see the American man’s passport, apparently unaware that the island is part of the US

Ramon Antonio Vargas in New Orleans
Mon 15 May 2023 01.00 EDT
The US rental car giant Hertz has apologized and pledged to retrain its staff after an employee denied a Puerto Rican customer a prepaid vehicle on the mistaken belief that he was from a foreign country and needed a passport.


‘I thought they’d kill us’: how the US navy devastated a tiny Puerto Rican island
Read more
During the encounter with the customer at New Orleans’s Louis Armstrong international airport, the Hertz employee also called over a law enforcement officer who allegedly threatened to turn the man over to immigration authorities even though Puerto Rico has been a US territory since 1898 and has a (non-voting) member of Congress, according to a stunning report the CBS correspondent David Begnaud published on Twitter and Instagram late Saturday.


Humberto Marchand’s story, as told to Begnaud, vividly illustrated the prejudice many of the US’s 53 million Spanish speakers face.

Marchand recently traveled to New Orleans and ahead of his trip paid to rent a car from Hertz at the Armstrong airport. After arriving, he went to the Hertz counter and presented his Puerto Rican driver’s license, which contained text in two languages spoken on the island: Spanish and English.

The clerk there then purportedly said to him: “We will need a passport.” Marchand told Begnaud that after he asked the woman what she meant, she made remarks that suggested he was from another country and therefore needed a passport.

Marchand – a US citizen engaging in domestic travel – did not have his passport with him, so he urged Hertz to honor his reservation as he recorded video of the interaction with his cellphone. But the clerk refused.

“You’re denying me because I have a driver’s license which is a valid ID?” Marchand said in English, in an accent resembling that of many people from Puerto Rico. “It is a valid ID. It is a valid ID.”

Holding a clipboard and pen as she walked away, the woman turned around, pointed away, and four times said: “I need you to go about your business.”

Marchand replied: “It is a valid ID. It is a valid ID. It is a valid ID. It is a prepaid reservation.”

The woman then said, “Would you like me to call the police?” Marchand told her, “Yes, please, call the police.”

The woman pulled a cellphone out of one her pockets and called out an officer who told Marchand that he needed to leave. According to Marchand, as the officer then left, he threatened to “call border patrol” if the mistreated customer didn’t leave, too.

Marchand interpreted that as a remark that he was in the US illegally despite the fact that he is as much an American citizen as the Hertz clerk and the officer presumably are.

Begnaud also described Marchand as a “federal law enforcement officer of 25 years”. A LinkedIn profile under Marchand’s name said he worked as an assistant deputy chief, mental health specialist and officer in a US probation office before retiring.

The officer at the airport belonged to the police department patrolling Kenner, the suburban New Orleans city where the Armstrong airport is located. A spokesperson for the department said the agency reviewed the officer’s body-worn camera footage and didn’t hear a remark like the one described by Marchand.

But it’s unclear exactly when the officer turned off the body-worn camera after dealing with Hertz’s call, and Marchand insisted the border patrol remark happened, according to Begnaud, who received a similar statement from the police department for the city of Kenner. The Kenner police spokesperson invited Marchand to file a complaint with the agency, which in that case would investigate further.

Hertz didn’t immediately respond to a request for comment from the Guardian. The company apologized to Marchand and issued him a refund immediately after being asked about his experience by Begnaud, whose Twitter and Instagram accounts are each followed by about 270,000 users.

“Hertz accepts Puerto Rican driver’s licenses from our customers renting in the US without requiring a valid passport,” the company said in a statement first sent to Begnaud and later provided to the Guardian. “We are reinforcing our policies with employees to ensure that they are understood and followed consistently across our locations.”

When asked about the employment status of the clerk who denied Marchand his reservation, a Hertz spokesperson told the Guardian that the employee “has been reminded of [the] standing policy related to Puerto Rican driver’s licenses”.

The US is home to the world’s second largest population of Spanish speakers despite English being the most common language. It trails only Mexico, a country of 127 million people whose official language is Spanish.

This article was amended on 16 May 2023 to clarify that Puerto Rico has a non-voting member of the US House of Representatives.

https://www.theguardian.com/us-news/2023/may/15/hertz-apologizes-puerto-rican-customer-new-orleans

SO WHAT HAPPENED TO ALL THE OLD $HTZ SHAREHOLDERS???? GOT ***ZERO*** NEW SHARES IN THE RESTRUCTURING?????

It seems to be $13.80 as indicated in posts #3401 & #3447

What is the exercise price of the warrants? TIA

PHASQ @ .06...News out. PhaseBio has $100M+ deal on table. Terrific HTZ-like CH. 11 squeeze play op. Link:

PhaseBio used a brilliant strategy to take a voluntary Chapter 11 and delisting from Nasdaq on 11/03/22. Their plan is to force their recalcitrant partner and opponent in Court, SFJ Pharma, to agree to a deal to auction the PHASQ lead drug.

They have a solid stalking horse bid of $100M from AstraZeneca for rights to their lead drug with other major drug companies also in the hunt.

Today, 11/03/22, PHASQ was in Court in Delaware making their case to a very receptive Judge.

The Judge said, "This case cries out for a business solution". {On audio recording of Court proceedings today}.

PHASQ and SFJ Pharma agreed to talks today in Court based on the Judges urging.

PHASQ is well worth tuning in in coming sessions


Link: 11/03/22 news
https://www.mychesco.com/a/news/business/phasebio-plans-for-near-term-sale-using-structured-process-through-chapter-11-of-u-s-bankruptcy-code/

Based on FTSE Russell’s preliminary reconstitution projections, nearly 300 stocks will join the Russell 3000 index. The list of names moving into the Russell 3000 include Airbnb (ABNB), Bumble (BMBL), Coinbase Global (COIN), Gulfport Energy (GPOR), Hertz Global (HTZ), and Lucid Group (LCID

Hertz to add up to 65,000 Polestar electric vehicles to its catalog. Nice
https://www.cnbc.com/2022/04/04/ev-startup-polestar-signs-deal-to-supply-up-to-65000-vehicles-to-hertz.html

https://ustravel.news/hertz-global-holdings-announces-proposed-private-offerings-in-the-aggregate-amount-of-1-15-billion-medium-term-rental-car-asset-backed-notes/

Cramer’s lightning round: Hertz is worth buying

https://www.cnbc.com/2022/02/25/cramers-lightning-round-hertz-is-worth-buying.html

Hertz Global Holdings Inc.: “Smart money is dumb. They should be buying this thing. [Stephen] Scherr is the CEO. He used to be the Goldman CFO. He is dynamite and he’s going to come on the show. Now, he doesn’t know that, but he will.

Ex-Goldman CFO in line for $250mn pay boost as Hertz chief if shares surge
Car rental group appoints Stephen Scherr as it attempts to transform itself following bankruptcy and restructuring


Stephen Scherr, a former top executive at Goldman Sachs, stands to make at least $250mn in his new role as chief executive of Hertz, if the car rental agency’s share price surges over the next five years or is sold.

Scherr, who was named chief executive of Hertz on Friday, was awarded a total of 12.5mn Hertz shares that will vest depending on how its stock performs in the coming years, according to a regulatory filing.

If Scherr were to receive all of his shares at the current stock price, the incentive pay package is worth about $250mn, although it may yield a far higher payout if Hertz stock skyrockets in the future, as its current owners expect.
If that windfall materialises, Scherr, who was once considered a potential candidate to lead Goldman Sachs as chief executive before he left the bank last year, may see his pay exceed that of the investment bank’s current leader, David Solomon.

Some awards will not vest if Hertz’s stock stagnates, or the company is not sold. “The terms of such equity awards are designed to align Mr Scherr’s compensation with the company’s longer-term stock price performance,” Hertz said in a filing.

Scherr left Goldman last year after 28 years at the Wall Street firm and was most recently the bank’s chief financial officer. At the time of his departure, the Financial Times reported it was Scherr’s decision to quit the bank and that he was open to leadership positions at other companies.

Before becoming chief financial officer, Scherr was head of Goldman’s consumer and commercial banking division where he helped launch Marcus, the firm’s consumer lending brand.

Described by some former colleagues at Goldman as intellectual and cerebral, some executives at the bank mentioned him as a potential future successor to Solomon if he were to depart in the short term.

Hertz, which filed for bankruptcy in May 2020 as business travel dried up and its heavy automotive fleet-related debts grew, has emerged from restructuring with record profits and a new vision to be a critical piece of electric car and autonomous taxi infrastructure in the US.

Distressed debt investor Knighthead Capital Management and travel-focused private equity firm Certares Capital Management led Hertz’s emergence from bankruptcy in July 2021. They are working to use Hertz’s current profits to convert its combustion engine fleet to electric vehicles.

Hertz has ordered 100,000 vehicles from Elon Musk’s Tesla as part of a broader partnership with the electric carmaker. It has also begun working with ride-hailing group Uber to make its fleet available to drivers, and tapped online used car seller Carvana to buy and sell cars from the company.

These partnerships and surging rental car prices have propelled Hertz’s stock since it emerged from bankruptcy. As of the end of 2021, the Financial Times pegged the value of Knighthead and Certares’s combined $2bn investment, representing about 40 per cent of Hertz’s outstanding stock, at about $5bn.

“We have bold plans for Hertz over the long haul and we need a leader who knows how to turn big ideas into reality while inspiring people to work hard for change,” said Tom Wagner, who founded Knighthead Capital in 2008 after leading Goldman Sachs’ distressed debt trading desk.

“Hertz is an extraordinary brand and a resilient business that is perfectly positioned to reshape how people move about in a safe, convenient, affordable and more environmentally-friendly way,” Scherr added in a statement on Friday.

According to a recent regulatory filing, Scherr owns just shy of 88,000 Goldman shares, which are worth $31.5mn based on the bank’s closing stock price on Thursday.

Copyright The Financial Times Limited .

BOUGHT MORE TODAY! Now over 15,000 READY FOR 2022!!

Elizabeth Warren is a moron.
Hertz is breaking no regulations or laws and she is just grandstanding.

_-----------------------

Exclusive: Elizabeth Warren blasts Hertz for $2 billion stock buyback while jacking up rental car prices

By Matt Egan, CNN Business

Updated 7:01 AM ET, Tue December 7, 2021

Hertz has gone from bankruptcy court to buybacks in the span of five months. And Senator Elizabeth Warren is not happy about it.

The Massachusetts Democrat wrote Hertz (HTZ) a letter Monday calling the company out for rewarding shareholders with up to $2 billion in stock buybacks despite skyrocketing rental car prices.
Warren questioned why Hertz is plowing money into buybacks instead of investing in new inventory that could ease the supply-demand imbalance.
"This decision, and other actions taken before and after Hertz's bankruptcy process," Warren wrote in a letter obtained exclusively by CNN, "reveals that the company is happy to reward executives, company insiders, and big shareholders while stiffing consumers with record- high rental car costs and ignoring the recent history that nearly wiped out the company."

Hertz filed for bankruptcy in May 2020 as the pandemic crushed the travel industry, making it one of the highest-profile bankruptcies of the health crisis. At the time, Hertz notified 12,000 employees in North America that they were losing their jobs. An additional 4,000 employees were furloughed.
Earlier this year, a group of investment firms acquired Hertz out of bankruptcy in a deal that eventually included Apollo Global Management, an alternative asset manager. Hertz, which also operates the Dollar and Thrifty brands, successfully emerged from bankruptcy in late June 2021.

By October, Hertz reported a record adjusted profit and corporate margin. Hertz said that although rental car volumes are below 2019 levels, this was offset by "improvements in pricing power."
In her letter, Warren cited an analyst at Jefferies who estimated Hertz was charging a daily median rental price of $114.49 in August — up by 147% from pre-pandemic levels.
"You owe your customers and the public an explanation for this $2 billion buyback," Warren wrote in the letter to Hertz interim CEO Mark Fields, "and whether it is in the best interests of the long-term health of the company and its consumers."
Hertz said late Monday that it had received Warren's letter and intends to respond.
When Hertz announced its buyback plans in late November, the company said the repurchase program would allow for "ongoing and profitable investment in the business" while utilizing "moderate" balance sheet leverage.
Car rental rates spike nearly 40%
The criticism from Warren is part of a broader pushback from progressives amid historic levels of inflation by calling out what they view as corporate greed and excessive corporate concentration.
Warren recently slammed energy companies for exporting record amounts of natural gas despite surging prices, even though it is perfectly legal to ship liquefied natural gas overseas.
President Joe Biden has similarly called on the Federal Trade Commission to investigate whether illegal conduct is driving up gas prices — a move that the oil industry criticized as a "distraction."

Of course, rental car rates have been rising sharply industrywide, not just at Hertz.
Car and truck rental prices surged by 39.1% in October from the year before, according to government statistics.
The sticker shock is a reflection of multiple factors, including strong demand as the economy recovers from Covid and weak supply amid the computer chip shortage. The lack of computer chips has caused auto companies to shut down production, limiting the supply of cars for rental car companies to beef up their fleets.
This has driven a windfall for the car rental industry. Shares of Avis Budget (CAR) have surged more than 600% in 2021. The company recently reported sales nearly doubled from a year ago and net income skyrocketed 1,400%.
'Weakens capital reserves'
Hertz said its $2 billion buyback program will come after the company completes a deal to buy back all of its Series A preferred stock, most of which is owned by private-equity giant Apollo Global Management.
The buyback "weakens capital reserves as the country faces a new scare from the Omicron coronavirus variant that again threatens the travel industry," Warren wrote, "and as Hertz faces fresh questions about how long it will take the company to rebuild its rental car inventory."
Warren asked Hertz to respond to a series of questions by December 17, including what impact the buyback will have on the company investing in its business, when it will return to pre-pandemic rental car inventory and whether Hertz considered reducing customer prices instead of buybacks.

Hertz Announces $2.0 Billion Share Repurchase Program

ESTERO, Fla., Nov. 29, 2021 /PRNewswire/ -- Hertz Global Holdings, Inc. (NASDAQ: HTZ) ("Hertz" or the "Company") today announced that its Board of Directors has authorized a share repurchase program of up to $2.0 billion of the Company's outstanding common stock.

The repurchase program is effective immediately and will initially comprise the remaining $200 million that was authorized for repurchase at the time of the Company's offering and listing on NASDAQ. Hertz will be able to pursue the balance of the authorized amount upon completion of its previously disclosed tender offer and consent solicitation with respect to its outstanding Series A Preferred Stock, so long as holders of a majority of the Series A Preferred Stock tender such shares in the tender offer or deliver consents to certain amendments to the Series A Preferred Stock. Investment funds, accounts and other entities owned (in whole or in part), controlled, managed or advised by Apollo Capital Management, L.P. and its affiliates (collectively, "Apollo"), as holders of a majority of the outstanding Series A Preferred Stock, have agreed on the terms and subject to the conditions contained in an agreement between Hertz and Apollo to tender in the offer their shares referred to therein and to consent to the such amendment effective upon the completion of the tender offer.

The repurchase program allows for ongoing and profitable investment in the business while utilizing moderate balance sheet leverage and facilitating opportunistic share repurchases. The Company currently intends to maintain Net Corporate Leverage1 of no more than 1.5x.

Repurchases will be made at management's discretion through a variety of methods, such as open-market transactions (including pre-set trading plans), privately negotiated transactions, accelerated share repurchases, and other transactions in accordance with applicable securities laws. The program has no time limit. The share repurchase authorization does not obligate the Company to acquire any particular amount of common stock and can be discontinued at any time. There can be no assurance as to the timing or number of shares of any repurchases.

(S)HTZ GOT POUNDED TODAY!!!!!!!!!!!

You are right - sorry I forgot.

HTZZ moved to the Nasdaq from the OTC:

https://otce.finra.org/otce/dailyList?viewType=Deletions

i remember that ticker from day 1, and I think less that 1.50 a share at one point, but then lost track.. but when it changed to the new ticker that it is now, did it just pop up in price? ( since the new ticker is about 14.50 for the 52 wk low) or did they do a conversion for existing shareholders?? either way, still looked enticing, just trying to get my story straight here

i dont have that answer https://ih.advfn.com/stock-market/USOTC/hertz-global-pk-HTZGQ/stock-news/86495058/certification-by-the-exchange-approving-securities

For every Q share you would receive...

$1.53 cash

0.09044939 shares of HTZZ

0.6452782 shares of HTZZW

So if you had 100 Q shares you got...

$153
9.04 shares of HTZZ
64.52 shares of HTZZW

These are indeed the original Q shares. No conversion or split of any kind. Incredible how they pulled it all off.

this order is far from being done, so do not get disappointed if this take a year or more....on another note, I lost track of this a year or so ago, so cam anyone tell me, did the original "Q" shares turn into these shares automatically? a partial maybe? Zero?

You are right Chris. Hertz will be north of 100 this time next year

Make sure you hold the stock and do not get psyched out by the short term volatility. I had 1000 shares of Avis about a year ago and traded it instead of holding it long term. Not going to make the same mistake here. Will let the growth story unfold.

READY FOR THE NASDAQ ON TUESDAY!!!

This shelf stock offering of 37 million shares....it's coming anyday and they will price it below the closing stock price,,,,my guess is $2-4 below whatever the closing stock price is.
There will be a sharp drop in both the warrants and stock temporarily,,probably best to sell now and look to buy on the release of the stock sale

READY TO ROCK!!!!!

$HTZZ $TSLA Tesla, Hertz work toward fulfilling massive Model 3 order

https://www.teslarati.com/tesla-hertz-model-3-order-fulfillment/

I made a mint on American Airlines - I was sending money to my broker every other day to keep buying in all the way up.

For the win!