Hertz Adds New Executives

Hertz Global Holdings Inc. said Thursday its equipment-rental division added two new members to its senior leadership as the business gears up to become an independent company by the middle of next year.

Barbara Brasier was named senior vice president and chief financial officer of Hertz Equipment Rental Corp., effective Nov. 9. In addition to overseeing finances, she will "play a lead role in positioning HERC in the capital markets and developing relationships with banks, ratings agencies, institutional investors and financial analysts," the company said.

Ms. Brasier joins Hertz with 35 years of experience in finance, including various roles across public accounting, paper-goods, machinery and industrial-equipment and food-manufacturing industries. Most recently, she was senior vice president of tax and treasury for Mondelez International Inc., the food company made up of the global snacking and food brands that were spun off from the former Kraft Foods Inc.

Maryann Waryjas was named senior vice president and general counsel. She will oversee HERC's corporate governance and statutory reporting requirements leading up to and after HERC becoming a stand-alone public company.

"With Barb and Maryann on board, HERC now has a full C-level team with substantial managerial and governance experience," said Hertz Equipment Rental Chief Executive Larry Silber, who noted the spinoff remains on track for mid-2016.

Mr. Silber said that in the past five months the company has added "considerable depth and breadth" to its senior management team with about 20 new staff members in field operations, sales, IT and finance.

Hertz announced in March of last year its plans to spin off its rental equipment company, which serves the construction, industrial and oil and gas markets, among others.

Earlier this week, Hertz said its third-quarter profit soared 59% as the company emerges from recent accounting woes, though revenue fell short of expectations on currency effects.

In July, Hertz, which operates its namesake brand as well as Dollar and Thrifty, completed restating its financials, a process that cut its profit by about $58 million in 2012 and $51 million in 2013. The company, whose shares have dropped 35% this year, has been trying to turn things around. Hertz named John Tague as chief executive in November and said in May that it planned to raise rental rates.

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November 12, 2015 10:45 ET (15:45 GMT)

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