Hertz Global Holdings, Inc - HTZ STOCK NEWS

SandRidge Energy (NYSE: SD) has announced significant changes to its Board and Management. Vincent Intrieri has been appointed as Chairman of the Board, effective October 1, 2024. Intrieri, the Founder and CEO of VDA Capital Management , brings extensive experience from his previous roles with Carl C. Icahn-related entities and various board positions.

Jonathan Frates will transition from his role as Chairman of the Board to become Executive Vice President and Chief Financial Officer, effective October 21, 2024. Frates has a background in investment management and has served on multiple boards.

Brandon Brown, Sr. will assume the role of Senior Vice President, Chief Accounting Officer. These changes aim to strengthen SandRidge's leadership team and position the company to execute its strategy, particularly following its recent Anadarko Basin acquisition.

Hertz Global Holdings (NASDAQ: HTZ) has announced the appointment of Lauren Fritts as Senior Vice President and Chief Communications Officer, effective September 30, 2024. Reporting to CEO Gil West, Fritts will oversee Hertz's global communications functions, focusing on strengthening brand narrative, enhancing communications, and leading corporate reputation.

Fritts brings nearly two decades of senior leadership experience in communications and marketing. Her most recent role was Chief Corporate Affairs and Marketing Officer at WeWork, where she led global strategy for corporate communications, brand development, and marketing initiatives. Previously, she served as Digital and Deputy Communications Director for Governor Chris Christie and spent nearly a decade as a producer in cable news.

Hertz Global Holdings, Inc. (NASDAQ: HTZ) has strengthened its Board of Directors by adding two new members, expanding from nine to eleven seats. Francis "Frank" Blake, former chairman and CEO of The Home Depot, and Lucy Clark Dougherty, senior VP and general counsel at Polaris Inc., have been elected as directors effective immediately.

Blake brings extensive experience from both the private sector and public service, including roles at General Electric and in various government departments. Clark Dougherty offers expertise in business transformation and strategy, with a background in the automotive industry and homeland security.

This move aligns with Hertz's strategy under new CEO Gil West to deliver sustainable growth and enhance operational performance across all aspects of the business, while focusing on an unmatched customer experience.

Hertz Global Holdings (NASDAQ: HTZ) reported Q2 2024 results with revenue of $2.4 billion and a GAAP net loss of $865 million. The company faced challenges, including a $706 million increase in vehicle depreciation due to fleet refresh acceleration. Key metrics include:

- Adjusted net loss: $440 million
- Adjusted Corporate EBITDA: -$460 million
- Corporate liquidity: $1.8 billion
- Revenue per Day (RPD) decline: 3%

CEO Gil West emphasized focus on sustainable returns and operational performance. Hertz raised $1 billion to support liquidity and fleet refresh, expecting to complete the process by end of 2025 with normalized depreciation per unit.

Hertz Global Holdings (NASDAQ: HTZ) announced several key executive appointments to boost profitability, operational excellence, and customer service. Sandeep Dube will join as EVP and Chief Commercial Officer on July 22, 2024, while Katherine Lee Martin becomes EVP, General Counsel, and Corporate Secretary. Other new appointees include Henry Kuykendall as EVP, North America Operations, Greg May as EVP, Fleet Management, and Mike Moore as EVP, Technical Operations. CEO Gil West emphasized the strengthened leadership team’s role in executing Hertz’s strategy for sustainable growth and value creation, fueled by recent capital raisings.

Hertz Global Holdings (NASDAQ: HTZ) announced it will release its Q2 2024 financial results on August 1, 2024, at 8:00 a.m. ET. The announcement will be followed by an earnings call at 9:00 a.m. ET, accessible via a live webcast on the company's Investor Relations page.

Participants can register for the call to get dial-in details and are encouraged to join fifteen minutes early to avoid delays. A replay of the webcast will be available on the company's website for one year.

Hertz Global Holdings (NASDAQ: HTZ) announced the upsize and pricing of a $1 billion offering, including $750 million in First Lien Senior Secured Notes and $250 million in Exchangeable Senior Second-Lien Secured PIK Notes.

The First Lien Notes, due 2029, bear a 12.625% interest rate, while the Exchangeable Notes also due 2029, bear an 8.000% interest rate. The proceeds will be used to reduce a $2 billion revolving credit facility.

The Exchangeable Notes are convertible into Hertz shares at an initial exchange price of $6.6252, a 89% premium over the June 20, 2024 stock price.

The offerings will close around June 28, 2024, subject to customary conditions.

Hertz Global Holdings announced two new offerings totaling $750 million. The offerings include $500 million of First Lien Senior Secured Notes and $250 million of Exchangeable Senior Second-Lien Secured PIK Notes, both due in 2029. These private offerings aim to pay down part of Hertz's $2 billion revolving credit facility.

The Exchangeable Notes will bear PIK interest, payable semi-annually, and are expected to have an initial exchange price between $6.00 and $7.00 per share. These notes are exchangeable into cash, shares, or a combination at Hertz's discretion, and holders can require repurchase under certain conditions.

The notes are guaranteed by Hertz and its subsidiaries, with the First Lien Notes being secured by collateral that also backs Hertz's first lien credit facilities.

Hertz Global Holdings (NASDAQ: HTZ) announced the appointment of Scott M. Haralson as the new Chief Financial Officer, effective by the end of June. Haralson succeeds Alexandra Brooks, who will leave the company at the end of the month. CEO Gil West highlighted Haralson's expertise in financial management and capital markets as important for Hertz's ongoing transformation and growth. Haralson, with over 25 years in the transportation industry, previously served as CFO of Spirit Airlines. Concurrently, COO Justin Keppy will resign, effective June 3, 2024.