Hertz Has Named Former Ford CEO Mark Fields as Interim CEO

Mark Fields is an American businessman and ex-CEO of Ford Motor. On Oct. 5, 2021, Fields was named interim CEO of Hertz. Fields will replace Paul Stone, who assumed the role last year just days before Hertz filed for bankruptcy. Stone will remain as president and chief operations officer.

Fields is the third person to hold the title at the distressed rental car company in the last two years, and the seventh in the last six years. Many people want to know Fields's salary and net worth.

Hertz will pay Fields a salary of $62,500 per week, or nearly $250,000 per month. The company also granted Fields around 500,000 restricted stock units that are now worth over $13 million. Fields's exact compensation will be decided by the stock price at the time the shares vest.

Fields will receive half the grant of 500,000 units if he stays for 90 days or less, and that will vest when his employment ends. If he continues as interim CEO for more than 90 days, he receives the entire grant, and the shares will vest on the sixth-month anniversary of his employment start date or when his employment terminates (whichever comes first).

Currently, Fields’s net worth details aren’t enough available, but we'll update this page as soon as possible. MDDailyRecord has estimated Fields's net worth at around $40 million.

Fields was born on Jan. 24, 1961, in Brooklyn, N.Y. He grew up in Paramus, N.J., and graduated from Paramus High School in 1979. Fields graduated from Rutgers University with a bachelor's degree in economics and then attended the MBA program at Harvard Business School. There isn’t much known about Fields's personal life other than that he's married to Jane Fields. The couple has been married for a long time.

Fields began his career with IBM, but after completing his MBA, he was hired by Ford in 1989. Fields held several positions during his 28-year career at Ford, including overseeing the company’s operations in North America and Europe. In 2014, he was named president and CEO of the automotive company, succeeding Alan Mulally.

Fields's term as Ford CEO was not as successful. He was fired in 2017 because of the company’s lagging share price and a lack of vision for the automaker’s electric and autonomous vehicles.

Fields joined Hertz's board of directors in June 2021, just after the company emerged from bankruptcy. He currently serves as the interim CEO of Hertz and a senior advisor at TPG Capital. The COVID-19 pandemic devastated Hertz’s business last year, forcing it to restructure and shed debt. In May 2021, Hertz stated a group of investors, including Knighthead Capital Management and Apollo Capital Management, would fund the company’s exit from bankruptcy and $6 billion turnaround plan.

On Oct. 26, 2021, Hertz announced that it will buy 100,000 vehicles from Tesla to electrify its rental car fleet.