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Sunday, November 11, 2007
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Correction: Is Private Equity Giving Hertz a Boost?. An article on Sept. 23 about the performance of Hertz, the rental car company, since its buyout by private equity firms in 2005 referred imprecisely to some of its past practices. At times, Hertz indeed used outside printers and other outsourcing for some work and used financial yardsticks like Ebitda and cash flow; those practices did not start after the buyout, though they have been expanded broadly. And before 2000, Hertz’s chief executive reported directly to senior managers such as the chief financial officer and vice chairman of Ford, a previous owner of Hertz; the chief executive did not report to lower-level managers. A letter dated Oct. 2 from Frank A. Olson, chief executive of Hertz from 1977 to 1999, clarifying certain past practices, was misdirected within The Times. This correction was further delayed for research. By . [NYT > Business] HOME BUSINESS
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6:21:19 PM
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© Copyright
2007
Richard Walker.
Last update:
12/1/2007; 5:14:20 PM.
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