New York - Hertz Chairman and chief executive Mark Frissora has stepped down from his posts for personal reasons.
He had had served as chief executive since January 2007.
The car rental company said Monday that Brian MacDonald, president and chief executive of Hertz Equipment Rental, will serve as interim chief executive of Hertz Global.
MacDonald has served as president and chief executive of Hertz Equipment Rental since June.
Hertz, based in Park Ridge, New Jersey, said that it has started the search process for a permanent chief executive.
MacDonald has led turnarounds at companies including Sunoco and Isuzu Motors.
Hertz is in the process of trying to turn its business around.
In June, the company said it needed to review and correct financial statements from the last three years because of accounting errors.
It has delayed its second-quarter filing as a result.
In late August, Hertz withdrew its guidance for 2014, saying it would come up far short of expectations.
That same month it was disclosed that activist investor Carl Icahn had taken an 8.5 percent stake in the company.
Hertz said Monday that it is still committed to the planned separation of its equipment rental business into a separate, publicly traded company and expanding its off-airport rental business, among other initiatives.
Independent lead director Linda Fayne Levinson has also been named independent non-executive chair of the board.
She's been a Hertz board member since 2012.
Hertz's stock rose $1.24, or 4.4 percent, to $29.75 (R320) in premarket trading. - Sapa-AP