Hertz shares rally after former Ford CEO Mark Fields was named interim CEO

Hertz Corp., a subsidiary of Hertz Global Holdings Inc. HTZZ,
+ 9.87%,
said he has appointed Mark Fields to the role of interim general manager, effective immediately. The car rental company said Fields, who joined Hertz’s board of directors in June, is a senior advisor at TPG Capital and is a former CEO of Ford Motor Co. F,
-0.42%.
Hertz stock rose 2.9% in morning trading. The company, which emerged from bankruptcy in late June, also named Paul Stone president and chief operating officer. Stone was previously the CEO of Hertz. Shares of Hertz have lost 13.4% in the past three months, while shares of rival Avis Budget Group Inc. CAR,
+ 6.48%
climbed 55.7% and the S&P 500 SPX,
+1.05%
slipped 0.9%.