Former Ford chief Fields named interim CEO of Hertz

Hertz is tapping a familiar face to lead its turnaround by naming Mark Fields, the former CEO of Ford Motor Co., as its interim CEO.   

Fields, a senior adviser at TPG Capital who joined Hertz Global Holdings Inc.’s board in June, takes on the new role effective immediately, the rental car company said Tuesday in a statement. He replaces Paul Stone, who will now serve as president and chief operations officer, Hertz said.

“Hertz is a global icon, and I’m honored to help lead the company into its next 100 years,” Fields, 60, said in the statement. “The world is going to be hearing a lot from Hertz in the weeks and months ahead.”

Ironically, Fields takes control of a company that was once a unit of Ford Motor. In 2005, Ford sold the company for $5.6 billion after first acquiring it in 1994. The 103-year-old rental car company was once owned by General Motors, which resold it to previous owner John Hertz in 1953. Subsequent owners included RCA and United Airlines parent UAL Corp.

The move to hire Fields comes just three months after Hertz emerged from bankruptcy and is attempting to rebuild its pandemic-battered operations. This summer, the company and other rental car providers have benefited from strong pricing due to a shortage of vehicles and pent-up demand for travel.

“Mark’s extensive background in auto and technology will be critical as we remake Hertz for the future,” Greg O’Hara, Hertz’s chairman of the board, said in the statement.

Fields spent 28 years at Ford, the last three as CEO, before being ousted in 2017 when the board was unhappy with the progress he was making on transitioning the automaker to the electric and self-driving future. Fields earned plaudits from previous Ford chief Alan Mulally for how he ran Ford’s operations, but the company’s profit and stock fell during his tenure as CEO.

Hertz shares surged on the news, rising 9.9 percent to close at $22.15 on Tuesday.

Automotive News and Reuters contributed to this report.