Hertz’s CFO Is Interim No More

Douglas lands the post permanently on the same day the company announces record third-quarter revenue.
Stephen TaubOctober 29, 2007

Hertz Global Holdings has removed the “interim” qualifier from Elyse Douglas’ title, 14 months after she temporarily replaced the retiring Paul Siracusa as CFO of the world’s leading car rental company.

Douglas, who joined Hertz as staff vice president and treasurer in July 2006, has nearly 25 years of corporate finance, treasury, and financial management experience. She previously served for seven years as senior vice president and treasurer of COTY, Inc., the $3 billion cosmetic company.

“As Treasurer, Elyse successfully managed several complex, international financial transactions, which will save Hertz over ten million dollars annually, and she has helped us generate faster-than-anticipated balance sheet improvements,” said chairman and CEO Mark Frissora.

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Douglas has a diverse educational background. She earned a bachelor’s degree in Finance from Villanova University and an MBA in Finance from New York University. She is also a certified public accountant and earned her CFA designation in 1997.

The appointment came on the same day Hertz reported record third-quarter revenue of $2.45 billion, up 9.3 percent from the same period in 2006. It also reported record quarterly revenues for worldwide car and equipment rental.

The company forecasted that full-year 2007 revenue, adjusted pre-tax income, adjusted net income, and adjusted net income per share will be at the upper end of or exceed prior guidance. Corporate EBITDA for the year, however, is expected to come in at the lower end of the guidance range.

Bloomberg reported that Hertz, which went public last November, plans to reduce annual costs by as much as $165 million, partly resulting from the terminations of more than 2,000 employees.

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