We were once a great company that was a pleasure and honor to work for. How in the world did we manage to get from there to where we are now? When bankruptcy is a realistic possibility? Who is responsible for this? When did things really start to go down the hill?
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Went downhill with previous senior Management team at Hertz (revenues for 2012-2014 ,etc had to be restated, etc.) who are also currently being sued under SEC clawback requirements. So sad how a once financially sound and wonderful company was abused financially and never did recover since then.
Hertz has been seriously mismanaged for years. Fraudulent financials, CEO pressure to cook the books, upward of $300 million SEC states, head spinning CFO turnover, fraudulent millions in bonuses to top leadership while company broke, 5 CEOs in six years, continually voted Worst company to work for year after year, failure to report financials for over a year, SEC investigations and resulting huge multi million dollar fines, spent money like a drunken sailor, bought Ferrari’s and Lamborghini’s to sit on lots to look nice, suing past leaders for stealing millions, moved HQ to a cow pasture in FL, constant layoffs, distrustful staff, bought rental cars no one wanted, bought a very profitable and well run DTG, then chased every competent DTG person literally right out of the building, then hired tons of top leadership with no, I mean ZERO industry experience......now bankrupt. With a record like this, who is surprised? Should have happened years ago.....if accounting was accurately stated, it would have.
We were a great company when Ford owned us and led by caring leaders like Craig Koch and Joe Nothwang. The beginning of the end was when Matk F. came on board, we went public, and got sold off to a consortium of hedge-funders. The coup 'de gras was when KM arrived and purged the company of all the long-serving competent leaders from HQ down to GM level who knew the rental car business.
True on th eDTG Buy and lets not forget the stupid sponsorship just this year to NASCAR
I have been with the company as a CSR for 5+ years and some time last year a bad coaching lead to a threat of termination is when it went to absolute sh–. Managers no longer review the whole transaction. They put words said into an app and let an algorithm determine whether or not a CSR did a good job or not.
Poor decisions have been made for many years by the leadership team. Under Mark and Kathy outsiders who did not understand the business were brought in and they added to the poor decision making. Koch and Nothwang built a team around them that for the most part made decisions that were best for Hertz not so much for the new leaders. Did we need a new HQ built from the ground up in Estero? Did we need another corp jet? Why are we asking for field ops to reduce staff and make cuts when the other hand is sponsoring race cars and paying for name branding on stadiums? All a smokescreen for the shareholders and perks for the board members. Now that culture in instilled in the leadership team. Only way to fix clean house and start over.
When hertz bought dollar thrifty it was beginning of end. The company changed and it never really recover
At this pt imo hertz needs to sale off dtg and possibly get out some airports. Unless it major airport corporate hertz should not be there. If franchise wants take over smaller airport let them have at it
The minute Mark turned the company from Private to Publicly traded, thus removing the focus from employee appreciation and customer service to stock value and happy board members. He drove up stock value with false accounting while buying out bankrupting companies and pushing rounds of "restructuring" layoffs and ignoring growing needs to upgrade technologies, trim true "fat" and market to a younger population simultaneously.