A Hz Tesla Electric Vehicle is displayed during the New York City, US, 9 November 2021 during the Hz Corporation IPO at the Nasdac Market Site in Times Square.
Brendon McDermid | Roots
Hz global CEO Gill West is “excited” and “active” by leading investor Bill Acman, taking “important” status in the post-bank rental car company, he said in an internal message to the employees widened by CNBC on Friday.
Part of a weekly CEO message for employees, this comment, comes two days after the purse square of Ekman, revealed a large stake in Hz – the car rental company shares were pushed to more than doubled during this week’s business and $ 8.24 per share on Thursday.
West said, “Start me by saying that I am humble, and all of us should encourage all the comments of Bill Acman and the strong support shown by him, the purse square capital management, and others who share confidence in our strategy, said,” West said, who began to lead the Hartz in April 2024. ,
Hz refused to comment on Ekman’s stake in the company on Friday.
A regulatory filing revealed that Persing Square had created a position of 4.1% by the end of 2024. Persing has greatly increased the situation-Through-as the second largest shareholder of Hz, through the sounds and swaps, a person acquainted with the case told the CNBC’s Scott Weapon.
The person said that Ackman’s investment firm was exempted from American Securities and Exchange Commission to delay the filing of the situation by Wednesday, which allowed it to deposit much more shares.
West did not disclose the total position of Ekman in the letter, which comes from Hz chapter 11 bankruptcy after almost four years, but described it as a “important position” in the company.
“When I joined this company a year ago, I saw its ability clearly – and continued to look at it at every step. There is no doubt that this journey is not easy, and the path ahead will not be easy. But we have not signed up for easy. I live fast in my main business and are full of confidence as one of the world’s largest rent cars.
Hz has been a distressed company for the past decade, which has been facing bankruptcy during the Kovid -19 epidemic in 2020.
After its emergence from chapter 11 bankruptcy conservation in 2021, the company placed heavy bets on all electric vehicles, especially TeslasWhich the company costs billions after a significant decline in their residual values.
While reporting its 2024 fourth quarter earnings in February, it damaged $ 2.9 billion for the year, including a loss of $ 245 million on the sale of electric vehicles during the fourth quarter.
During the quarterly calls, the company said that it completed the sale of 30,000 EVs last year which was part of the failed EV strategy, and further focused on its ongoing business turnout scheme under West.
West message to employees on Ekman’s share in Hz:
Team,
This has undoubtedly been a busy week, in the media and with our stock. As many of you have seen, we paid enough attention after the revelations that major investor Bill Ekman has taken an important place in our company through his company Persing Square Capital Management.
Start me by saying that I am humble, and all of us must be encouraged by Bill Acman’s comments and have been activated by the strong support, purse square capital management, and others who share faith in our strategy. This support is a will for our progress, and significantly, the tireless effort of each of you contribute every day.
As we pursue our path, we should be proud of the progress that we have done, but it should also recognize that there is an important work even further. It is easy to distract between all this. Remember, it was fundamental last year. We prepared an important basis, established new procedures, and focused our attention. This year is about execution and giving tangible results for our customers and our shareholders. We should be firmly committed to our back-to-basics strategy, especially our disciplined fleet rotation and get our northern star metrics of DPU (depreciation per unit/vehicle) <$ 300, เคเคฐเคชเฅเคฏเฅ (เคชเฅเคฐเคคเคฟ เคฏเฅเคจเคฟเค/เคตเคพเคนเคจ เคฐเคพเคเคธเฅเคต)> $ 1500 and DOE (direct operating expenditure) in the low $ 30s. These areas, as we know, will lay the foundation for permanent long -term success of Hz.
When I joined this company a year ago, I saw its ability clearly – and continued to look at it at every step. There is no doubt that this journey is not easy, and the way forward will not be easy. But we did not sign up for easy. I live fast on my main occupation and remain confident in our unique position as one of the world’s largest rented car companies and use car dealers with property and real estate worldwide. Our strength is not only in our property but also among our people and we have unwavering commitment to fulfill our promises.
Stay focused, be disciplined and committed. If we follow what we are ready to complete, then our ahead of our opportunities are really endless.
Finally, for those who observe Passover or Easter at the end of this week, I wish you a happy and healthy holiday. And in the field that supports our customers during this busy holiday season, thank you for your constant hard work and dedication.
Gill west
Chief Executive Officer
