Hertz Global Holdings Inc.
has named Kenny Cheung as its new chief financial officer, following the departure of CFO R. Eric Esper, who has stepped down to pursue a new opportunity.
Mr. Esper will remain with the company as chief accounting officer until Nov. 1 and will assist with the transition, the company said. Mr. Esper has held the CFO post for just over one month. He was promoted to the role last month, succeeding the previous Finance Chief Jamere Jackson who also resigned to pursue a new opportunity.
Mr. Cheung’s promotion to CFO from executive vice president of finance and chief operational finance and restructuring officer went into effect on Sept. 24, the company said. Mr. Cheung, who joined the car-rental company in December 2018, has held several senior finance positions at Hertz. He also held roles at
Nielsen Holdings PLC
General Electric Co.
This move comes at a time when the company is on the hunt for a bankruptcy loan to fund its business amid a pandemic that has upended the travel industry.
One of the nation’s largest car-rental companies filed for bankruptcy protection in May without a deal with creditors and without a bankruptcy loan. The company’s revenues have been hammered by restrictions aimed at curtailing the spread of Covid-19.
The company is seeking a bankruptcy loan for as much as $1.5 billion after regulators blocked the company from pursuing a sale, The Wall Street Journal reported. The sale was off the table due to its stock being potentially worthless, people familiar with the matter said. The loan could help preserve the company until business returns to normal levels.
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