Chester T. Dean 
Mr Frissora does not agree that he is to blame for accounting errors or the company’s current problems, Stephen Cohen, a spokesperson, said in a statement.
“During his tenure at Hertz, Mark has presided over substantial value creation and operational improvements,” Mr. Cohen said, noting that he has been replaced by several CEOs in the six years since he was appointed. ‘he left Hertz. “These CEOs, not Mark, set the strategy for the company and oversaw its operations leading up to the current circumstances of the company.”
Also in 2014, Mr. Icahn, the activist investor, revealed that he had amassed a stake of almost 8.5% in the business. He has since taken control of three board seats and expanded his holdings in the company, most recently in March when he bought around 11.5 million shares at $ 7-8 each.
Filing for bankruptcy represents a devastating blow to an institution that emerged in the early days of the American auto industry.
Hertz was founded in Chicago in 1918 when a former Ford Motor salesman Walter Jacobs purchased a dozen T-models and formed Rent-a-Car, Inc. The business grew rapidly and in five years, it had a fleet of about 600 vehicles. , according to Hertz.
In 1923 Jacobs sold the company to John Hertz, owner of the Chicago Yellow Cab Company, who renamed it. Together, the couple expanded the business nationwide. In 1932, the company opened its first airport car rental center at Chicago’s Midway Airport, according to Hertz. The following year, it started offering one-way rentals. By 1955, the company had more than 1,000 locations around the world. Today, there are over 12,000 corporate and franchise locations.
Ford bought a controlling stake in Hertz in 1987 and sold it to three private equity firms – Clayton Dubilier & Rice, the Carlyle Group and Merrill Lynch Global Private Equity – in 2005. A year later, the private equity firms -investment introduced Hertz on the stock market. as part of an initial public offering.
