The Board of Directors of Hertz Global Holdings approved a new $2.0 billion share repurchase program. The new authorization is in addition to the $2.0 billion share repurchase program announced in November 2021. With approximately $0.2 billion remaining under the previous authorization, pursuant to which the Company has repurchased approximately 88 million shares as of June 14, 2022, the Company now has $2.2 billion available under the programs. 

“The increased authorization underscores the confidence that management and the board have in the direction of the Company,” said Stephen Scherr, Hertz chief executive officer. “We remain committed to our capital allocation strategy that utilizes organic cash flows and appropriate leverage to invest in technology, modernize our fleet, and return capital to shareholders.”

Repurchases will be made at management’s discretion and may be executed through a variety of methods, such as open-market transactions (including pre-set trading plans), privately negotiated transactions, accelerated share repurchases, and other transactions in accordance with applicable securities laws. The program has no time limit. The share repurchase authorization does not obligate the company to acquire any particular amount of common stock and can be discontinued at any time. There can be no assurance as to the timing or number of shares of any repurchases.