(Bloomberg) -- Hertz is tapping a familiar face to lead its turnaround by naming Mark Fields, a former Ford Motor Co. chief executive officer, 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.”
Shares of the company surged 13% to $22.80 as of 10:43 a.m. in New York.
The move comes just three months after Hertz emerged from bankruptcy and as it attempts 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.
Ford and Hertz share more than a CEO: The automaker once owned Hertz until it sold off the rental car company in 2005.
“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.
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