Shares of the rental car company Hertz Global Holdings Inc HTZZ ripped higher on Tuesday after the company named the former Ford Motor Co F CEO Mark Fields as its interim chief executive officer.
What Happened: Fields replaces Paul Stone, who will continue with the company in the position of president and chief operations officer.
Hertz said that development is effective immediately and will help the company chart its vision of the future of mobility and travel.
See Also: Hertz, In Chapter 11 Due To Pandemic, Will Emerge With New Owners, Financing
Fields served as CEO at Ford from 2014 until 2017 and was with the automaker for a total of 28 years. He joined Hertz's board in June.
Hertz emerged from bankruptcy in June after a wipeout of business last year due to the COVID-19 pandemic.
Price Action: Hertz shares closed 9.87% higher at $22.15 a share on Tuesday. The stock was up 1.35% in after-hours.
Photo: Courtesy of Atomic Taco via Wikimedia
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