Jim Cramer often says that great management should be applauded.
"I'm always stressing that, for a company to thrive, it needs someone talented at the helm, someone who knows what they're doing and knows how to execute," he said.
Conversely, Cramer feels subpar management should be called out. And when Cramer feels an executive has done a particularly poor job, he puts them on the Mad Money Wall of Shame.
Someone new has just received the dubious honor; Hertz CEO Mark Frissora.
"This is the ultimate proof that even in a booming industry, bad management can find a way to ruin things," Cramer said.
By ruin things, the "Mad Money" host is referring to the sharp decline in Hertz shares after the company said it is . Hertz now expects earnings to be well below its previous guidance due to challenges in the rental car and equipment businesses and costs related to its review of the past three years' financial results.
"By any objective standard, Hertz should be on fire right now. The rental car industry has consolidated into a slap-happy three-way oligopoly, and when you remove that much competition, companies have enormous pricing power," Cramer said.
As a point of comparison, Cramer noted that business at Avis has been impressively robust. Earlier in August, Avis said its revenue grew 10 percent from a year earlier, to $2.2 billion, and earnings per share increased 36 percent to 68 cents, racing past analyst estimates of $2.1 billion and 62 cents respectively.
In turn shares of Avis have advanced 70 percent. Year to date Hertz has advanced a little over 4 percent.
"The Hertz CEO has a history of making excuses rather than taking responsibility. Last year he blamed the sequester for Hertz's weak results. Now it's the recalls. Earlier this year he reaffirmed the guidance, now it withdraws it entirely. I think this guy has totally lost all credibility with Wall Street," Cramer said.
Because of developments detailed above, Cramer thinks Frissora's days may be numbered.
"The board's lead director, George Tamke, just announced his retirement, and this guy has been Frissora's biggest backer. With him gone, I think the board of directors will finally start to move."
Changes in the corner office couldn't happen soon enough for Cramer. Largely he believes if Frissora and were to part ways, the fortunes of the company would take a sharp turn for the better, with Hertz stock following suit.
"Who could take Frissora's place? Easy. Hertz should bring back Scott Thompson, the former CEO of Dollar Thrifty. Thompson has enormous credibility with Wall Street, and if Hertz were to announce that Frissora was on the way out and Thompson was on the way in, I think the stock would immediately move higher."
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Has Hertz CEO Mark Frissora fallen asleep at the wheel? Cramer sure seems to think so. What else is there to say, except, "Mark Frissora, welcome to the Mad Money Wall of Shame."
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