Hertz Holdings has just announced that John P. Tague is now the CEO and president. This went into effect as of Nov. 21. The appointment of Tague comes after the board of directors, did an extensive search to find the right candidate for the job. The search was overseen by the board of directors’ CEO Search Committee. This search committee was made up of five independent directors; two of them were recently added to the board with the goal of being on the search committee.
The board of directors felt that Tague was right for the spot for a number of reasons. One of the main reasons is that he is a veteran in the transportation and travel industry. Although he has worked for a number of companies, including United Airlines as the COO and president, he has demonstrated his ability to get results. This includes generating revenue and an overall corporate transformation. At United Airlines, Tague was credited with the idea of having the different pricing and product programs that drive the airline’s financial performance and raise overall customer satisfaction.
One of the independent non-executive members on the board, Linda Fayne Levinson, said that Tague is a true leader in every sense of the word. It is not something that people just have to take Tague’s word for; his record speaks for itself. He has proven his capability to focus on bringing success to the companies that he works for, and that is why Hertz is looking forward to welcoming him to the family.
Fayne added that the board was extremely clear about what it wanted in its next CEO for Hertz Holdings. Tague was able to deliver on every level. He has a good understanding of how to optimize revenue and achieve operational excellence. Another thing that the board was looking for was a CEO who really understood how to drive shareholder value, another trait that Tague has.
The chairman of Icahn Enterprises, Carl C. Icahn, said that his team worked very close with Fayne and the other members of the search committee to help Hertz find a new CEO and president. There was a very significant amount of time devoted to finding the right candidates. After all of the searching and research was done, the board unanimously selected Tague to fill the position. Icahn has been involved in a number of these kinds of searches in the past, and he was blown away by the imagination and knowledge that a number of candidates brought to the table. The fact that Tague was picked over everyone else speaks tons about his character.