Hertz Global Holdings announced that its chief financial officer, Thomas Kennedy, has resigned, effective immediately. The company named Robin Kramer, senior vice president and chief accounting officer, to be the interim CFO before Jamere Jackson takes over on a permanent basis on September 10.

“We are delighted to have Jamere join our team. He is a strategic, results-oriented financial leader with a proven track record of operational excellence,” Hertz president and CEO Kathryn Marinello stated.

“Additionally, his collaborative leadership style coupled with an extensive and varied background, including in the consumer products and services arena, will serve Hertz well as we execute our growth strategy in a dynamic environment.”

Jackson joins from Nielsen Holdings, the consumer market research company, where he he has been CFO since March 2014. Before that, he was vice president and CFO at GE Oil & Gas – Drilling & Surface.

Hertz

Jamere Jackson

In the statement, Hertz thanked Kennedy for his contributions for the last four and a half years. Kennedy resigned “to pursue the next chapter of his career,” the company said.

Hertz reported a loss of $63 million in the second quarter, up from a net loss of $158 million for the second quarter of 2017.

Hertz shares fell more than 3% in after-market trading Monday, following the news of Kennedy’s resignation, but rebounded on Tuesday morning to wipe out almost all of the drop. The stock has underperformed its peers this year.

Hertz has been investing heavily in a turnaround plan, reportedly, even as it faces pressure from ride-share services like Uber and Lyft.

Said new CFO Jackson: “It’s an exciting time to be joining Hertz as it leverages its rich history, brand strength, and legacy of innovation to address an evolving marketplace. I look forward to becoming part of the team that is leading the company through its next phase of transformation.”

Hertz said Jackson would oversee all financial aspects of the company, including financial planning and analysis and accounting and financial reporting. He will manage tax, internal audit, treasury, and risk management.

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