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Hertz Global Holdings (OTC:HTZGQ), Inc. (NASDAQ:HTZ), the car rental company currently valued at $1.6 billion and showing a remarkable 47% gain year-to-date despite operational challenges, reported that Eric Leef, Executive Vice President and Chief Human Resources Officer, has informed the company of his intention to resign. According to a press release statement included in a filing with the Securities and Exchange Commission, Leef will remain in his current role through September 5, 2025, to assist with the transition process. The leadership change comes as Hertz faces financial headwinds, with InvestingPro data showing weak gross profit margins of 6.5% and negative EBITDA.
During the transition period, Christopher G. Berg, Executive Vice President and Chief Administrative Officer, will continue to oversee the human resources function. The company stated that it is conducting a search for a permanent successor as part of its succession planning.
This information is based on a statement provided in a recent SEC filing.
In other recent news, Hertz Global Holdings has made notable strides in its business operations. The company reported an improvement in its net daily profit per unit (DPU) to $251, with a gross DPU rising to $280, attributed to an accelerated fleet refresh and gains on vehicle sales. Management anticipates further growth, expecting gross DPU to reach around $300 in each quarter of the second half of the year. Meanwhile, Susquehanna raised its price target for Hertz to $6.00, acknowledging the company’s solid progress in DPU metrics, although it noted ongoing challenges with revenue per day. In a strategic move, Hertz Car Sales has partnered with Amazon (NASDAQ:AMZN) Autos to offer pre-owned vehicles online, initially launching in four major cities with plans for nationwide expansion. Additionally, Hertz has expanded its Rent2Buy program to over 100 cities, allowing customers to test drive vehicles for up to three days before purchase. The company also announced the upcoming resignation of Eric Leef, Executive Vice President and Chief Human Resources Officer, with Christopher Berg set to lead the transition. These developments reflect Hertz’s ongoing efforts to enhance its market presence and operational efficiency.
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