Tomahawk, WI 09/12/2014 (Basicsmedia) – Hertz Global Holdings, Inc. (NYSE:HTZ) has reached an agreement to add three candidates into its management team, proposed by the company’s largest shareholder Carl Icahn according to CNBC’s Scott Wapner. The agreement averts any possible proxy battle that could have befallen the company from its largest shareholder.
Hertz Global Holdings, Inc. (NYSE:HTZ) has already confirmed that three of its board members are set to retire as soon as the three members assume theirs eats in the company’s board. The company’s shares remained buoyant in Thursday trading session spiking after the announcement consequently closing the day at a high of $27.75.
“Carl has an 8.5% acquisition of common stock now in Hertz and importantly he will not now wage a proxy fight at the shareholder’s meeting as a result of a disagreement. Secondly Hertz Global Holdings, Inc. (NYSE:HTZ), as you may know by now increased the threshold for triggering the poison pill to 20%,”said Mr. Wapner.
The increase of the poison pill from 10% means that any person or a group of people will need to own 20% stake in the company to have the power of stopping any hostile takeover.
Icahn plans to hold talks with Hertz Global Holdings, Inc. (NYSE:HTZ) current management team to discuss the ravaging accounting and operating problems that have cropped up in the wake of former CEO, Mark Frissora, and resignation.
Icahn is’ quoted as saying that the company acted appropriately in adding the three individuals who come with vast experience especially in the appointment of top CEO’s in various companies. Focus in the company now switches to the appointment of a new CEO.
“Now a search continues for a new CEO of this company remember Mark Frissora, who was CEO, had stepped down recently citing personal reasons, so there is a search ongoing for the new CEO there,” said Mr. Wapner.
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