TOPLINEFormer Hertz CEO Mark Frissora on Thursday was charged with aiding and abetting the company in its filing of inaccurate financial statements in 2013, the Securities and Exchange Commission announced Thursday. Former Hertz Chairman and CEO Mark Frissora poses with a Toyota Prius hybrid car on Thursday, June ... [+] 14, 2007, in New York. AP Photo/Mark LennihanKEY FACTSAccording to the SEC, Frissora in 2013 pressured subordinates to “find money” by re-analyzing reserve accounts when results fell short, which caused employees to make changes to financial reports. After leaving Hertz in 2014 under pressure from activist investors, Frissora served as CEO of Caesar’s Entertainment and stepped down in 2019. TangentLast year, Hertz sued Frissora and two other former executives in a bid to recoup $70 million in incentive and severance payments from them.

Source: Forbes August 14, 2020 00:56 UTC