April 5, 2012 / 11:34 AM / 5 years ago

Hertz paid CEO Frissora $15 million in 2011

April 5 (Reuters) - Hertz Global Holdings Inc paid its chief executive nearly $15 million in 2011, a 30 percent jump in a year in which the car rental firm posted its highest revenue in three years.

The bump in CEO Mark Frissora’s compensation came mostly from an increase in stocks awards of about $5 million. He received a base salary of $1.2 million.

Hertz’s revenue jumped 10 percent in 2011 to $8.30 billion -- its highest since 2009 when revenue fell sharply due to the global financial crisis.

The company’s stock, however, fell almost 20 percent last year.

Hertz, second only to Enterprise Holdings in the global car rental industry, tried to buy smaller rival Dollar Thrifty Automotive Inc for two years before putting its plan on hold to wait for antitrust approval.

In its proxy filing on Thursday, Hertz said it has revised the way it awards performance stock units to its executives by making achievement of target awards more difficult by using “stretch” goals.

In addition to providing free car rentals for its directors, Hertz provides its executive officers with cars, financial planning and tax preparation assistance, and for CEO Frissora, a country club membership.

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