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When Herc Rentals spun off from The Hertz Corporation in July 2016, many aspects of the organization’s finance and treasury function had to be rebuilt from scratch. “None of the treasury staff or management team transitioned to Herc,” explains Mustally Hussain, vice president and treasurer of Herc Rentals.

The new business was sizable, with US$1.6 billion in annual revenue and around 4,800 employees, but it was much smaller than its former parent. Managers soon found that many processes which had worked well for the former parent were no longer meeting the needs of the newly independent company. In risk management, this disconnect was particularly noticeable.

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Meg Waters

Meg Waters is the editor in chief of Treasury & Risk. She is the former editor in chief of BPM Magazine and the former managing editor of Business Finance.

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