April 18 (Reuters) - The CEO of Hertz HTZ.O said he feels humbled following comments by billionaire investor Bill Ackman, whose investment management company Pershing Square recently accumulated a 19.8% stake in the car rental firm.
"I am humbled, and we should all feel encouraged by Bill Ackman’s comments and energized by the strong support shown by him," Hertz CEO Gil West said in a letter to employees, seen by Reuters.
Ackman previously said in a post on X that he believes West and his management's efforts to increase unit revenue and reduce operating cost will significantly improve profit margin over the next several years. He added that the company's capital structure will enable shareholders to generate a highly attractive return on investment.
"While the tariff announcements have created a near-term cloud over the travel industry – we have low expectations for Hertz’s Q1 and first half results – we believe that over the intermediate term, the company will generate sustainably higher profitability," Ackman added.
Pershing's stake in Hertz makes it the second-largest shareholder in the company. Hertz shares soared 44.3% on Thursday. The stock has risen more than 125% since the start of 2025.
(Reporting by Abhinav Parmar in BengaluruEditing by Matthew Lewis)
((Abhinav.Parmar@thomsonreuters.com;))
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