Hertz CEO to retire; replacement named

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Retiring Hertz CEO John Tague, left, and incoming CEO Kathryn V. Marinello.

ESTERO, Fla. — Hertz CEO and president John Tague is retiring Jan. 2, the Estero-based rental car conglomerate announced Tuesday.

Kathryn V. Marinello, the CEO of customer service outsourcing provider Stream Global Services, will replace Tague Jan. 3.

Marinello was the CEO of Ceridian, a human resources software firm, from 2006-2010 before moving on to Stream. She previously served General Electric in multiple senior-level capacities.

The three longest-serving members of the Hertz boards of directors are also leaving along with Tague. No replacements were named for them.

Hertz, the No. 2 rental car business in the U.S., has seen its stock drop sharply of late as ride-sharing companies like Uber and Lyft deplete the market.

Carl C. Icahn, the largest shareholder in Hertz, praised the selection of Marinello. But his statement, released through the company, didn’t include any mention of Tague.

“I am excited about Hertz and its prospects with Kathy at the helm,” Icahn said. “Kathy has a history as a proven CEO and I believe she is the right person to lead Hertz as we move forward. Her consistent track record of successes in consumer and financial services, as well as technology businesses, is impressive. She was extremely well-regarded at GE and successfully turned around Ceridian and Stream.”

Tague, a former airline executive, was named CEO of Hertz in November 2014.

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