ITEM 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 10, 2020, Jamere Jackson resigned from his position as Executive Vice
President and Chief Financial Officer of Hertz Global Holdings, Inc. ("HGH") and
The Hertz Corporation ("Hertz") (collectively, the "Company"), effective
August 14, 2020 (the "Transition Date"). Mr. Jackson will remain at the Company
until September 11, 2020 in order to assist in the transition of his
responsibilities and will forfeit his retention bonus under the Company's Key
Employee Retention Program.
On August 13, 2020, the Board appointed R. Eric Esper, the Company's Senior Vice
President and Chief Accounting Officer of the Company, to serve as Executive
Vice President of Finance, Chief Financial Officer of the Company, effective on
the Transition Date.
Mr. Esper, 39, has served as Senior Vice President and Chief Accounting Officer
of the Company since November 2018. He previously served as Vice President and
Controller of the Company beginning March 2018. From July 2010 to March 2018,
Mr. Esper held a variety of financial leadership roles with Norwegian Cruise
Line Holdings Ltd., a worldwide cruise line company, most recently as Vice
President, Brand Finance & Strategy, and Vice President and Controller.
Mr. Esper is also a Certified Public Accountant.
In connection with Mr. Esper's promotion, his annual base salary was increased
to $510,000 and his annual bonus target under the Company's annual bonus plan
was set at 75% of his annual base salary, in each case, effective on the
Transition Date.
The selection of Mr. Esper to serve as Executive Vice President of Finance,
Chief Financial Officer was not pursuant to any arrangement or understanding
with respect to any other person. There are no family relationships between
Mr. Esper and any director or executive officer of the Company, and there are no
transactions between Mr. Esper and the Company that would be required to be
reported under Item 404(a) of Regulation S-K.
On August 13, 2020, the Board appointed Kenny K. Cheung, the Company's Senior
Vice President, Head of Global Financial Planning & Analysis ("FP&A") and Chief
Financial Officer, North America, to serve as Executive Vice President of
Finance, Chief Operational Finance and Restructuring Officer of the Company,
effective on the Transition Date.
Mr. Cheung, 38, has served as Senior Vice President of Global FP&A and Chief
Financial Officer, North America at the Company. He joined the Company in
December 2018. He previously held a variety of financial leadership roles with
Nielsen Holdings, PLC ("Nielsen"), an information, data and measurement firm,
most recently as Global Chief Audit Executive, and prior to that as a regional
Chief Operating Officer after holding the position of regional Chief Financial
Officer. Prior to Nielsen, Mr. Cheung worked for General Electric in various
roles across Supply Chain, Operations, and FP&A.
In connection with Mr. Cheung's promotion, his annual base salary was increased
to $510,000 and his annual bonus target under the Company's annual bonus plan
was set at 75% of his annual base salary, in each case, effective on the
Transition Date.
The selection of Mr. Cheung to serve as Executive Vice President of Finance,
Chief Operational Finance and Restructuring Officer was not pursuant to any
arrangement or understanding with respect to any other person. There are no
family relationships between Mr. Cheung and any director or executive officer of
the Company, and there are no transactions between Mr. Cheung and the Company
that would be required to be reported under Item 404(a) of Regulation S-K.
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