Hertz chief paid $15 million in 2011 - Car Rental News
Hertz chief paid $15 million in 2011
Car Rental News - 05/04/2012
Hertz’ top executive was paid US $15 million (£9.4 million) last year, according to reports.
According to the New Jersey-based car hire firm, the jump in Mark P. Frissora’s compensation came as a result of some of the best performance the company has seen in recent times; last year the company posted its highest revenues seen since 2008.
Much of the payment came via stock awards amounting to around $5 million, which came on top of a base salary amounting to $1.2 million (£758,000).
2011 saw Hertz revenues jump 10 per cent to $8.3 billion (£5.2 billion), which topped 2009 – the last figure not heavily diminished by the global financial crisis. Despite the positive figures, Hertz stock fell by nearly 20 percentage points in 2012.
In addition to monetary compensation, Hertz allows directors and top executive to utilise free rental cars, as well tax preparation and financial planning services in addition to a country club membership for Frissora.
Hertz is the second-largest car rental firm worldwide behind US-based Enterprise Holdings. The news follows nearly two years of Hertz competing with rival Avis Budget to acquire the smaller Dollar Thrifty before the company announced that the effort had been suspended pending approval from anti-trust authorities.