This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
NAPLES, Fla. (AP) — Dodging a proxy fight with billionaire Carl Icahn, Hertz has added three of his chosen candidates to the board.
Two of the new board members, Vincent Intrieri and Samuel Merksamer, will also be part of a of a five-person CEO search committee. Hertz CEO and Chairman Mark Frissora resigned earlier this month for personal reasons.
The announcement follows last week's announcement that the car rental company had reached an agreement-in-principle with the activist investor, who controls about 8.5 percent of its stock.
"This is a great outcome for Hertz and its shareholders and I thank the Hertz board for taking this important step in putting the company back on track," Icahn said in a news release.
Also named to the board Tuesday was Daniel Ninivaggi. Directors Henry Wolf, Barry Beracha and Philippe Laffont have retired.
The board now has nine independent directors. It will consist of 10 directors once a permanent CEO is chosen.
Shares of Hertz Global Holdings Inc. shed 24 cents to $27.27 before the market opened.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.