Hertz Attracts Jana Partners as New Activist Investor

Hertz Global Holdings Inc. has been targeted by another activist hedge fund, Jana Partners, after reaching a settlement last month with Carl Icahn to replace some of the company's board with his own nominees.

Chicago Tribune

Hertz Global Holdings Inc. has been targeted by another activist hedge fund, Jana Partners, after reaching a settlement last month with Carl Icahn to replace some of the company's board with his own nominees.

Jana has raised its stake to about 7 percent, according to filings on Oct. 20. Jana last disclosed a 1.3-percent holding as of June 30. The New York-based fund has held discussions and may seek further talks with the board and other shareholders about management succession, as well as board composition, the firm said in the filing.

Hertz Chairman and Chief Executive Officer Mark Frissora stepped down for personal reasons, the company said in a statement Sept. 8. Investors had pushed for his removal, citing accounting and operational missteps.

For more about Hertz's new investor...

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