Shares of Hertz Global rose by as much as 13.3% on Tuesday after the car rental company named former Ford CEO Mark Fields as its interim chief executive officer.
Fields, who led Ford from 2014 to 2017, joined Hertz’ board of directors in June. He is also a senior advisor to TPG Capital.
Hertz said Fields succeeds Paul Stone, who will become president and chief operations officer, with the appointments effective immediately.
Hertz is at a important stage after its emergence from bankruptcy in June. The company’s operations were devastated by the Covid-19 pandemic, forcing it to restructure and shed debt.
“Hertz’s unmatched global footprint will be combined with forward-looking investments that completely change the face of travel and mobility,” Fields said in a statement. “The world is going to be hearing a lot from Hertz in the weeks and months ahead.”