Connect with us

Hi, what are you looking for?

Jewish Business News

Business

Jim Cramer Says Hertz CEO Mark Frissora Has Lost All Credibility on Wall Street

HERTZ HYBRID

CNBC’s Jim Cramer put Hertz CEO Mark Frissora’s picture on his notorious Mad Money Wall of Shame and said, “Sir, as long as your remain CEO of Hertz, Avis does not have to try harder.”

Cramer slammed the CEO, who he says has “lost all credibility on Wall Street” for “snatching defeat out of the jaws of victory” and missing  every opportunity to increase the value of his company. While hedge fund manager Larry Robbins got behind the stock on a prospective spin-off of one of its segments, the company announced that this deal would be delayed, and lowered guidance at a time when competitors like Avis are announcing winning numbers.

Please help us out :
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at office@jewishbusinessnews.com.
Thank you.

The car rental industry has been strong, especially with consolidation that eliminates competition. However, Frissora has made sure that Hertz has little to show for it. Last year, he blamed government sequestration for the decline, and this year, he has said car recalls are the cause of lackluster performance.

Cramer is confident that Frissora might be on his way out, after the announcement of the retirement of a board member who has been a Frissora backer. In addition, Carl Icahn owns a significant position in the company, and given his penchant for activist investing, might pressure a shake-up. Cramer believes that Scott Thompson, former CEO of Dollar Thrifty, would be a good replacement for Frissora, and added he predicts the stock could pop 10% if Frissora leaves as CEO.

Newsletter



Advertisement

You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...

Entertainment

The Movie The Professional is what made Natalie Portman a Lolita.

Travel

After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...

VC, Investments

You may not become a millionaire, but there is a lot to learn from George Soros.