In May this year, the company announced that it would relocate its corporate headquarters from Park Ridge, New Jersey to Estero, Florida. CEO Mark P Frissora and the board requested that key executives, including the CFO, move with the company and establish residency in the State of Florida. However, Ms Douglas has said that, for personal reasons, she is unable to relocate from the metropolitan New York City area.

She will stay with the company to the end of the year to help complete several strategic projects and assist in the transition of her responsibilities to her successor.

The company is currently recruiting for a replacement. In the interim, David J Rosenberg, currently the CFO of Hertz International Ltd will serve as the company's CFO.

Mr Frissora said: ‘Speaking for the entire senior team and the Board, Elyse's contributions to our success have been outstanding, and she will be missed by all of us. We understand that her situation makes a move to Florida impossible and we support her decision to step down,’ he added.

‘Being CFO of Hertz has been a fantastic professional experience and it's disappointing that I'm not able to join the senior team in Florida,’ said Ms Douglas.

‘The company has tremendous growth opportunities, and has a great culture based on transparency and integrity. I look forward to watching Hertz capitalize on its strengths and new initiatives,’ she added.

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