Hertz announced last week that Gerald A. Plescia, President, Hertz Equipment Rental Corporation (HERC), has retired from the company. Mark P. Frissora, the company's Chairman and Chief Executive Officer, assumes temporary senior management responsibility for HERC until a successor is named after an internal and external search. Hertz expects to conclude the search within the next 90 days.
“During his 32-year Hertz career, Gerry has made many significant contributions to our car and equipment rental businesses, the past 14 years serving as President of HERC. Gerry helped lead HERC through two deep recessions during the past decade and he leaves the business with an improved internal organization which is realizing significant revenue growth opportunities,” Frissora said. “As a result, HERC has made a solid contribution to our fourth quarter 2010 results and we expect HERC to generate double-digit revenue growth and achieve a Corporate EBITDA margin of 42% for the full year 2011.
“HERC's seasoned management team, at the operational and staff levels, is committed to optimizing their many growth and efficiency opportunities. They will continue to focus on providing the best possible service and equipment rental solutions to HERC's expanding range of industrial, construction and other customers.”