Hertz Corp. has named Lois Boyd executive vice president of Hertz Corp. and president of Hertz Equipment Rental Corp., effective immediately. Previous president Gerry Plescia resigned his post in January, and Hertz chairman and CEO Mark Frissora has managed the equipment rental division in the interim.
Boyd had been serving as leader of the company’s Advantage car rental brand. Hertz named Gary Fulena acting general manager of Advantage Rent-a-Car.
“Lois Boyd has almost 15 years of senior management experience managing costs, growing revenue and developing people in highly competitive businesses, and these are the ongoing challenges for HERC as it continues to rebound from the worst equipment rental recession in its 42-year history,” said Frissora. “At Hertz, and before that at Tenneco, Lois has led corporate-wide cost management programs and had P+L responsibilities for global growth businesses. Most recently, Lois has led Advantage Rent-a-Car which Hertz acquired out of bankruptcy in 2009, and the company now generates solid profits on well over $240 million of annualized run-rate revenues. Prior to that, Lois led our companywide cost management programs, which are on track to save $2 billion between 2007 and 2011.
“We believe HERC is poised for breakthrough success, based on its ability to generate at least 37 percent-plus EBITDA margins throughout the recession, despite having revenues cut in half. HERC’s best days are ahead in the near future and Lois has the right leadership experience to accelerate the process.”
Boyd joined Hertz in 2007 as senior vice president, process improvement and project management and took over the leadership role for Advantage Rent-a-Car after Hertz acquired Advantage out of bankruptcy in April 2009.
Prior to joining Hertz, Boyd led Tenneco's Global Commercial Vehicle Segment — which grew from approximately $100 million annual revenues when she started to more than $1 billion booked annually — Ford Global Business Group and the company's Global Program Management function. Prior to joining Tenneco, Boyd held director and manager-level positions in sales and distribution at Aeroquip/Vickers. In these latter roles, Boyd's largest customers are also HERC's major equipment suppliers and its largest industrial and petro-chemical customers.
