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Hertz Seeks $70 Million in Clawbacks from Former Executives

CEO leaned on subordinates to make “inappropriate accounting decisions’’ so the firm could hit its financial targets, and CFO and others failed to report these tactics, according to the suit.

By Jef Feeley & Anders Melin | April 01, 2019 at 12:44 PM

Hertz Global Holdings Inc. is demanding that ex-CEO Mark Frissora and other former senior managers return at least $70 million of incentive compensation for their roles in an accounting scandal five years ago.

The car-rental chain accused the former executives of pressuring employees to use fraudulent accounting techniques to inflate income and earnings, according to a March 25 lawsuit. The alleged misconduct spurred a federal investigation and prompted Hertz to restate several years of financial results, costing the firm more than $200 million.

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