Rental car firm Hertz’s finance chief Cheung to quit
2023.03.27 09:04
© Reuters. A car exits a lot and passes by Hertz rental car signage at John F. Kennedy International Airport in Queens, New York City, U.S., March 30, 2022. REUTERS/Andrew Kelly
(Reuters) -Rental car firm Hertz Global Holdings (OTC:) Inc said on Monday its Chief Financial Officer Kenny Cheung was leaving the company to pursue other opportunities.
The company said Chief Accounting Officer Alexandra Brooks will serve as interim finance chief, effective April 1.
Shares of the company, which operates the Hertz, Dollar and Thrifty vehicle rental brands, were up 1.3% before the bell.
Cheung’s departure comes at a time when Hertz’s profitability has come under pressure in recent months due to higher car maintenance costs.
For the first quarter, the company’s profit is expected to fall 84%, according to Refinitiv data, as demand for car rentals also wane on lower seasonal travel.
Cheung will remain in the company until April 14, the company said, as it kicked starts a formal search process for a new CFO.
