Hertz names Marinello president and CEO to succeed Marinello

Markets Associated Press

Struggling car rental company Hertz has named a new CEO.

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Kathryn Marinello will take over the wheel on Jan. 3, succeeding John Tague, who is retiring.

The Estero, Florida, company said Tuesday that three directors are also leaving: Linda Fayne Levinson, Carl Berquist and Michael Durham.

Carl Icahn, the billionaire activist investor and Hertz's largest shareholder, said Marinello is the right person to lead the company.

Shares of Hertz and rival Avis have tumbled as the companies grapple with excess capacity in the rental car market. Hertz has also blamed the diminishing value of its vehicles.

Hertz Global Holdings Inc. includes its namesake and the Dollar and Thrifty brands. Its shares are down 56 percent this year and shed more than 2 percent in after-hours trading.