Hertz CFO Tom Kennedy leaves abruptly

  • Push-out Score suggests push-out forces
  • After about five years in the position
  • Thanks and good wishes for Kennedy
  • Jamere Jackson taking over

(exechange) — Estero, Florida, August 20, 2018 — Tom Kennedy, finance chief of Hertz, leaves. It is an abrupt change. As announced by Hertz Global Holdings, Inc. in a news release and in a regulatory filing published on Monday, August 20, 2018, Thomas C. (Tom) Kennedy leaves his post as Chief Financial Officer at the car rental company after about five years in the role, effective immediately.

Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CFOs who departed over the past 12 months was 6.8 years, according to data compiled by exechange.

Kennedy’s move comes 20 months after Kathryn V. Marinello took over as CEO of Hertz Global Holdings, Inc.

Furthermore, Kennedy’s move comes 20 months after Henry R. Keizer took over as Chairman of Hertz Global Holdings, Inc.

Kennedy’s duties will be taken over by Jamere Jackson, most recently Chief Financial Officer of Nielsen Holdings plc.

The fact that Kennedy’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.

In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.

“To pursue the next chapter of his career”

Kennedy’s sudden departure from the CFO post is explained as follows. Hertz said: “Thomas (Tom) C. Kennedy, Hertz’s Chief Financial Officer …, has resigned to pursue the next chapter of his career.”

The phrase “to pursue the next chapter of his career” opens the door to speculation.

Precise information about Kennedy’s future plans was not immediately available.

“Resigned”

Hertz said: “On August 20, 2018, Thomas C. Kennedy resigned as Chief Financial Officer of Hertz Global Holdings, Inc. … and The Hertz Corporation.”

Share price decline

The change follows a decline in the share price of Hertz Global Holdings, Inc. since August 2016.

Chaired by Henry R. Keizer

Hertz Global Holdings, Inc. is chaired by Henry R. Keizer.

Keizer has served as a director of Hertz Global Holdings, Inc. since June 2016 and The Hertz Corporation since October 2015. He has served as Independent Non-Executive Chair of the Company and Hertz since January 2017.

CEO: Kathryn V. Marinello

Kathryn V. Marinello serves as CEO of Hertz Global Holdings, Inc. Marinello has served as the President and Chief Executive Officer and a member of the Boards of Directors of the Company since January 3, 2017.

In the position of CFO since 2013

Kennedy has served as the Senior Executive Vice President and Chief Financial Officer of the Company since December 2013.

Prior to joining the Company, Kennedy served as Chief Financial Officer and Executive Vice President of Hilton Worldwide Holdings Inc. (formerly, Hilton Worldwide, Inc.), a hospitality company, from 2008 to 2013.

Between 2003 and 2007, Kennedy served as Executive Vice President and Chief Financial Officer of Vanguard Car Rental (parent company to Alamo Rental Car and National Car Rental brands), a rental car company.

Prior to joining Vanguard, Kennedy served in various positions at Northwest Airlines, Inc., a major airline, including as Senior Vice President and Controller in 2003; Vice President, Financial Planning and Analysis from 2000 to 2002; Managing Director, Corporate Planning in 1999; and Director, Finance and Information Services, Pacific Division, Tokyo, Japan from 1997 to 1999.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Tom Kennedy’s sudden move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.

Read the full story in the exechange report 35.2018 ($).