Hertz Equipment Rental Corporation (“HERC”), a wing of Hertz Global Holdings Inc. HTZ, announced that it has appointed Bruce Dressel as its Chief Operating Officer (COO). Dressel, who is known for his expertise in the equipment rental industry, is expected to comprehend a growth strategy for HERC in order to boost its performance. Dressel will be responsible for leading the sales and operations teams in North America.
Dressel has served in various leadership and senior management roles over the past 30 years and has a vast knowledge about the equipment rental industry. During his tenure as President and CEO at Sunbelt Rentals, Dressel acted as the force behind its expansion from 24 to 195 locations.
In Mar 2014, Hertz announced the decision to separate the company into two independent, publicly traded companies. The first company will include its car rental businesses, comprising Hertz, Dollar, Thrifty and Firefly as well as its fleet-leasing services division Donlen. The second company, HERC, was to run Hertz’s equipment rental business.
We expect Dressel to be a valuable addition to HERC’s senior management as the company will soon become a separate stand-alone company.
Hertz Global Holdings has been under the scanner due to the accounting errors identified in its 2011 financial results. This entails complete review of its financial results for fiscal years 2011, 2012 and 2013.
Previously, Hertz had stated that it will take some time to file updated financial statements owing to these accounting issues. We note that Hertz has not yet filed its statements and there still remain uncertainties as to when it would.
Hertz carries a Zacks Rank #5 (Strong Sell). Better-ranked stocks in the same industry include comScore, Inc. SCOR, PFSweb Inc. PFSW and Rentrak Corporation RENT. All three stocks carry a Zacks Rank #1 (Strong Buy).
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