Hertz 2014 Annual Report Download - page 219

Table of Contents
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During 2014 and 2015, we have hired personnel with the appropriate experience, certification, education, and training for all of the key positions in
the financial reporting and accounting function and in some cases have created new positions. Consequently, the employees involved in the
accounting and financial reporting functions in which misstatements were identified are no longer involved in the accounting or financial reporting
functions. In addition, we have taken, or will take, appropriate remedial actions with respect to certain employees, including termination,
reassignments, reprimands, increased supervision, training, and imposition of financial penalties in the form of compensation adjustments.
In addition, we have taken, and continue to take, the actions described below to remediate the identified material weaknesses. As we continue to
evaluate and work to improve our internal controls over financial reporting, our senior management may determine to take additional measures to
address control deficiencies or determine to modify the remediation efforts described in this section. Until the remediation efforts discussed in this
section, including any additional remediation efforts that our senior management identifies as necessary, are completed, the material weaknesses
described above will continue to exist.
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Our Board has directed senior management to ensure that a proper, consistent tone is communicated throughout the organization, which
emphasizes the expectation that previously existing deficiencies will be rectified through implementation of processes and controls to ensure strict
compliance with GAAP and regulatory requirements. We also have taken steps to effect a proper tone through changes in our personnel and
policies.
On September 7, 2014 our former Chairman and Chief Executive Officer resigned his position. On November 20, 2014, a new President and Chief
Executive Officer was named from outside the Company following a national search led by a special committee of the Board, with the assistance
of an executive search consultant.
Our new President and Chief Executive Officer is one of four new members of our Board. The three other new directors joined our Board pursuant
to the nomination and standstill agreement dated September 15, 2014 between the Company and the Icahn Group, which is included as Exhibit
99.1 to our Form 8-K filed on September 16, 2014.
In addition, since December 2013, we have hired the following additional key employees into the following positions who reflect our standards for
integrity and ethical values:
• Senior Executive Vice President and Chief Financial Officer
• Senior Executive Vice President, Chief Administrative Officer and General Counsel
• Senior Executive Vice President and Chief Revenue Officer
• Executive Vice President and Chief Human Resource Officer
• Executive Vice President and Chief Information Officer
• Senior Vice President and Chief Accounting Officer
• Senior Vice President and Chief Audit Executive
• Senior Vice President, Procurement, Fleet and Project Management Office
• Senior Vice President, Financial Planning and Analysis
In addition to the senior management changes detailed above, in order to ensure we have a sufficient complement of personnel with an appropriate
level of knowledge, experience, and training commensurate with our financial reporting requirements, during 2014 and 2015 we have hired
personnel for all key positions in the financial reporting and accounting function and in some cases have created new positions, including:
• Senior Vice President and Controller (Corporate Finance)
• Senior Vice President and Controller (U.S. Rental Car Operations)
• Vice President, SOX Compliance
• Assistant Controller (Corporate Finance)
• Vice President, Reporting, Research and Policy
• Vice President, Financial Systems
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Source: HERTZ GLOBAL HOLDINGS INC, 10-K, July 16, 2015 Powered by Morningstar® Document Research℠
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