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ESTERO, Fla. - Hertz Global Holdings, Inc. (NASDAQ:HTZ), the $2.1 billion market cap car rental giant whose stock has surged over 75% in the past six months, announced Thursday the promotion of Mike Moore to Executive Vice President and Chief Operating Officer, giving him direct responsibility for all fleet operations at the car rental company.
Moore, who joined Hertz in July 2024 as Executive Vice President Technical Operations, brings over 25 years of experience in fleet operations and maintenance to the role. Prior to Hertz, he held leadership positions at Delta Air Lines for a decade and most recently served as Executive Vice President, Spaceline Technical Operations at Virgin Galactic. According to InvestingPro data, Moore joins at a challenging time, with the company facing operational hurdles including a current ratio of 0.85, indicating short-term liquidity constraints.
"As we continue transforming Hertz for the long term, Mike’s appointment reflects our commitment to disciplined execution and operational excellence," said Gil West, CEO of Hertz, according to the company’s press release. With annual revenue of $8.6 billion and significant operational challenges ahead, investors can access detailed analysis and 8 additional key insights through InvestingPro’s comprehensive research report.
In his new role, Moore will oversee the integration of fleet, safety, customer service, and technical operations. He holds an MBA from Indiana Wesleyan University and a Bachelor of General Studies degree from Valdosta State University.
Hertz Global Holdings operates the Hertz, Dollar, Thrifty, and Firefly vehicle rental brands across more than 11,000 rental locations in 160 countries. The company also runs Hertz Car Sales and the Hertz 24/7 car-sharing business in Europe.
In other recent news, Hertz Global Holdings, Inc. has successfully completed a $425 million offering of 5.500% Exchangeable Senior Notes due 2030. This offering included the full exercise of the initial purchasers’ option to buy an additional $50 million in notes. The notes were issued at par and will mature on October 1, 2030, with interest payable semi-annually beginning April 1, 2026. Notably, the offering was oversubscribed, with Pershing Square Capital Management L.P. among the key investors. This transaction is part of Hertz’s broader efforts to enhance its financial resources and support its corporate transformation. The company initially planned a $250 million offering, which was subsequently increased to $375 million before reaching the final amount. These recent developments mark a significant step for Hertz as it continues to navigate its financial strategies.
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